OpenSea has become one of the leading markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather watch videos instead, you can check out this channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
For those who prefer the written word, look through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft East Village
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars and digital pet or any other characters that could be sold or taken home. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. Today it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things like game objects and the VR environment virtual objects, characters and even virtual land. A popular instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names 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 easy. All you need to do is to list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
The seller is the one to charge the cost for the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale 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 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary 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 or deposit. Nft East Village
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Nft East Village
They also offer a range of digital assets, making their platform one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft East Village
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Just go to their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Go to their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.