OpenSea has become one of the leading markets for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will give you the leverage you need. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like to read, let’s go over the basics before we examine its costs 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Gene
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
If the transaction is successful your digital assets will never leave your account. In addition, you don’t have to make 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 find NFTs you’d like to purchase. 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 through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or older technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or acquired. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. In the present, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. 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 to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the price that is the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on 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 in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid up to 15% as commissions on the products 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 crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or make a deposit. Nft Gene
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft Gene
They also provide a variety of digital asset, making them one of the most popular NFT marketplaces. The low platform costs are also a great way for you to earn more income.
While it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Gene
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Just go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt 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 to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach via the contact page. Just go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they constantly change every now and then.