OpenSea has become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They will guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Ethereum Tutorial
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or the older technologies.
As for NFTs, you can collect avatars, virtual pets, and other characters that can be sold or collected. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. As of today you can make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual lands. A well-known illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them in the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller is the one to charge the price of the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage 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 and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or make a deposit. Nft Ethereum Tutorial
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. Nft Ethereum Tutorial
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Ethereum Tutorial
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should 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 official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate every now and then.