OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Drops
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they are an open marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars, digital pets or other characters that can be traded or taken home. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. As of today you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers generally set high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however 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 instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments for or make a deposit. Nft Drops
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Drops
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Drops
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via the contact page. Just go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, therefore they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Just go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they change from time to time.