OpenSea has become one of the leading platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, check out the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer the written word, look 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 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 of OpenSea.
What is OpenSea? Nft Hair
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is successful your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to find NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, digital pets, and other characters that can be sold or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR space and other elements 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 or even virtual lands. A well-known illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one who will be charged the price for the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like 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 use PayPal credit or debit cards for payment for or transfer funds. Nft Hair
The NFTs can be bought or sold if 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 take a look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Hair
They also offer several types of digital assets, making their platform one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, 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. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Hair
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Just go to the official site and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via its contact forms. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.