OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer the written word, go over the basics before we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Diamonds
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be sold or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. In the present it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects and even virtual land. A well-known instance is Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or transfer funds. Nft Diamonds
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Diamonds
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it is open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Diamonds
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Just go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.