OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. 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 interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch a video instead, take a look at the review of this channel. They’ll 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 look over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out 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 of OpenSea.
What is OpenSea? Nft Growing Stands For
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to the users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, digital pets, and other characters that can be sold or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. Today you can create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things such as game items and the VR environment characters, virtual objects and even virtual land. A popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller is the one to pay the cost that is the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can 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 an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops over time. When it comes to 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 create your own NFTs using the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit and debit card to make payments for or deposit. Nft Growing Stands For
The NFTs can only be purchased or sold if your cryptocurrency 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 look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Growing Stands For
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Growing Stands For
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through the contact page. Go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through its contact forms. Visit the official site and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.