OpenSea has become one of the leading markets for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth since 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 digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll go through what it is prior to we go over the costs 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Growing Steps
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created 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 one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Because they’re an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even older technology.
For NFTs, you can gather avatars, virtual pets, or other characters that can be traded or collected. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. In the present it is possible to create digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR environments and components can be purchased. You can buy these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A well-known instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 to list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the type of auction, 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 from five options for selling. These are:
The seller is the one to pay the cost for the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment 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 in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible after 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 in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, and debit card to make payments for or transfer funds. Nft Growing Steps
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they can 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 making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Growing Steps
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Growing Steps
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 on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Go to their website, and look on the page for “Submit a request.”
Can you mint 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. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction costs 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. The price is determined through the marketplace, which means they change 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 use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via their contact form. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.