OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to watch a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll go over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Exchange Decntralized
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or collected. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. In the present it is possible to create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered as 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 selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like 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 can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards to pay or make a deposit. Nft Exchange Decntralized
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 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 look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Nft Exchange Decntralized
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Exchange Decntralized
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. 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 be able to do is make an NFT and add it to the collection. When 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 look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Visit their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using 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 them, put them up for sale. This is gas-free and easy, but you can also 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 recurring fees. The price is determined in accordance with the current market conditions, so they change from time to time.