OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d rather watch videos instead, take a look at this channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look over what it is before we go over the 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 the article for a more comprehensive review.
What is OpenSea? Nft Growing Channel
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of 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. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they use 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. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars and digital pet, or other characters that can be sold or taken home. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. Today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. One popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples come 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 shut down from anyone. 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 your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller is the one who will be charged the cost of the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set expensive 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 present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto 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 paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you must know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or deposit. Nft Growing Channel
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Growing Channel
They also offer a range of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Growing Channel
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via its contact forms. 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 have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through its contact forms. Go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they fluctuate at regular intervals.