OpenSea has grown to become one of the leading markets for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always 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 quite an extensive read. If you prefer to watch videos instead, take a look at this channel’s review. They’ll walk you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we go over the 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Home
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be sold or collected. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. As of today, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. 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 fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller is the one to charge the cost for the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops 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 payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments or deposit. Nft Home
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Home
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
While it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Home
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Visit the official site and search at “Submit a request.”
Do you have the ability 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. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through their contact form. Go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, so they change from time to time.