OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll go through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to watch 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-Edp Carlsbad
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate 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 have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or acquired. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. Today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. A popular instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the price that is the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops as time passes. 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 payment if the auction ends 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 within one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or transfer funds. Nft-Edp Carlsbad
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that 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 that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft-Edp Carlsbad
They also offer several types of digital asset, making it one of the largest NFT marketplaces. The low platform charges are also a good method to earn more income.
While it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft-Edp Carlsbad
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Just go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Visit their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they constantly change from time to time.