OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout 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 famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at a video instead, check out the review of this channel. They will guide users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out 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 Flooming
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars and digital pet, and other characters that can be sold or collected. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. As of today, you can also create digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards like those from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game objects and the VR environment virtual objects, characters, and even virtual land. A popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. 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 make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. They are:
The seller will be the one to pay the cost that is the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists the minimum price. This is in contrast to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the 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 need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers get up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit and debit card to make payments for or make a deposit. Nft Flooming
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Nft Flooming
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Although it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Flooming
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via the contact page. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
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 recurring fees. Prices are determined through the marketplace, which means they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via its contact forms. Go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges 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 price is determined through the marketplace, which means they change every now and then.