OpenSea has become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you like the written word, go over what it is before we go over the costs and what it has to offer.
Before you continue, 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 I Am Rich
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
That means unless 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 have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars, digital pets, or any other characters that could be sold or acquired. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. Today you can create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters or even virtual lands. One popular example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one who will be charged the cost that is 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 decrease over time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
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 via the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you must understand that some NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or deposit. Nft I Am Rich
The NFTs can only be purchased or traded if your cryptocurrency is accepted 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 look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft I Am Rich
They also offer a range of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft I Am Rich
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through its contact forms. Just go to the official site and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they change at regular intervals.