OpenSea has become one of the top markets for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, check out the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go through what it is prior to we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Grow Kit
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, you can collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. As of today it is possible to do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those of Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular example could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller is the one to charge the price for the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments or make a deposit. Nft Grow Kit
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Nft Grow Kit
They also provide a variety of digital currency, making it one of the most popular NFT marketplaces. The low platform costs are also a great 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 and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Grow Kit
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, so they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using 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. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they constantly change at regular intervals.