OpenSea is now one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can help you get 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 right for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch videos instead, take a look at the channel’s review. They will guide the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer the written word, go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Fall Challenge
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, 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 started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or older technology.
As for NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT came to be. In the present you can do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting 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 spaces and elements are now available for purchase. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual lands. A popular instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure that your account is linked. 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 single-use gas charge.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the price for the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access 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 need to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or deposit. Nft Fall Challenge
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Fall Challenge
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Fall Challenge
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via their contact form. Just go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it through 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 topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Visit their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they fluctuate every now and then.