OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at a video instead, check out this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we examine its 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Gateway
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is 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 post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, virtual pets, and other characters that can be traded or collected. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. In the present it is possible to do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one to charge the cost for the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs in 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 charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost reasonable.
However, you must know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will be 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 additional commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or transfer funds. Nft Gateway
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Gateway
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Gateway
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can 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 the items, post them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or 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 contact through its contact forms. Go to the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, so they constantly change at regular intervals.