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 throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can give you the leverage you require. This is the reason we created 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 prefer to watch a video instead, check out the channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s look over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Healing
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
If the transaction is complete your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is 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 like to buy. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even older technology.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. In the present, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them in 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, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to charge the price for the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay or make a deposit. Nft Healing
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Healing
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
While it is open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have 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 cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Healing
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Go to the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.