OpenSea has grown to become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, check out the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you like the written word, go through what it is prior to 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 of OpenSea.
What is OpenSea? Nft Erc
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created 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 very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets will never be removed from your account. 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 purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars and digital pet, or any other characters that could be traded or acquired. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. In the present you can create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to 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 list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller is the one who will be charged the cost for the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost affordable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or make a deposit. Nft Erc
The NFTs can only be bought or sold when your cryptocurrency is accepted 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 take a look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Erc
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Erc
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Visit their 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 it to the collection. Once you’re ready to sell the items, post them 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 gas prices?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they change every now and then.