OpenSea has become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you prefer to watch a video instead, check out the review of this channel. They’ll guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like to read, let’s go over the basics before we go over the costs 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Good Or Bad
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, 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 operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful, your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at 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, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or taken home. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. As of today, you can also do the same with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards, such as those of Sorare or BCCG.
Sports-related digital items are also available, such as animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, and even virtual land. One popular example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers who are 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 will be the one to pay the price that is the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price will decrease over time. In 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 transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces 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. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers receive up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional 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. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Nft Good Or Bad
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Nft Good Or Bad
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also 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 broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Good Or Bad
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via the contact page. Just go to their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through the contact page. Just go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they change at regular intervals.