OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, 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 Forms
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their 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, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or old technology.
In the case of NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or acquired. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. As of today you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual lands. A well-known instance can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and the type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be 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 fluctuate over the course of. Sellers usually set very 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 present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or transfer funds. Nft Forms
The NFTs can be bought or sold if your cryptocurrency is accepted 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 take a look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Forms
They also offer a range of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Forms
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via their contact form. Go to their official website and look for “Submit a request.”
Can you 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. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Visit their website, and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should 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 for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they change from time to time.