OpenSea has become one of the top marketplaces 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 have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer the written word, look over the basics before we examine its 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. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Distribution Operations
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. 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 and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music may be one of 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 has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even old technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be traded or taken home. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. In the present, you can also do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. One popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut 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 post your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
The seller is the one to charge the price that is the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers usually set very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or deposit. Nft Distribution Operations
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Nft Distribution Operations
They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Distribution Operations
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through the contact page. Just go to their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they change at regular intervals.