OpenSea has become one of the most popular markets for NFTs. It’s also the first to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, you can check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Grow Tips
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or taken home. The rarer they are the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT became a reality. As of today you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters and even virtual land. A popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to pay the cost of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or transfer funds. Nft Grow Tips
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using 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 examine the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Grow Tips
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it is decentralized and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Grow Tips
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.