OpenSea has grown to become one of the most popular markets for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to watch videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like the written word, go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Grow Forum
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk the security of their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. In addition, you don’t have 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 search engine to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
For NFTs, you can gather avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT came to be. In the present, you can also create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select among five selling options. These are:
The seller will be the one to charge the cost of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies 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 purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you have to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment for or deposit. Nft Grow Forum
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Grow Forum
They also offer a range of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is 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 and professionals.
FAQ Nft Grow Forum
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via their contact form. Just go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Visit their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they change every now and then.