OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d rather watch videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, look over the basics before we examine its costs 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Explained Reddit
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they are 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.
This means that unless the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or collected. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. Today, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual worlds. One popular instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller is the one to charge the price for the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when 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 the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs under one transaction, you could 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 charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment for or deposit. Nft Explained Reddit
The NFTs can be purchased or sold when your cryptocurrency is supported 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 advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain or coding. Nft Explained Reddit
They also provide a variety of digital currency, which makes their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it has its 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.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Explained Reddit
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via their contact form. Go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via their contact form. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate every now and then.