OpenSea has become one of the top platforms for NFTs. It was the first to launch a platform like this in the past. It has seen 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 curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is lengthy. If you’d rather watch a video instead, you can check out the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s look through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Games
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs 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 the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from 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 use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or collected. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. As of today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular illustration could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller will be the one who will be charged the cost that is the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost affordable.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or make a deposit. Nft Games
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Games
They also provide a variety of digital assets, making their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it’s open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Games
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through its contact forms. Go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they fluctuate from time to time.