OpenSea is now one of the leading marketplaces for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like reading, we’ll look over what it is before we examine its 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Energy Consumption Calculator
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available 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 began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to look for NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today it is possible to make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters and even virtual land. One popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies 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 use PayPal credit, debit, or debit cards for payment or deposit. Nft Energy Consumption Calculator
The NFTs can only be bought or sold if your cryptocurrency 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 benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Energy Consumption Calculator
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. The low platform charges are also a good method to earn more income.
While it is decentralized and offers one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Energy Consumption Calculator
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through its contact forms. Go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Just go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.