OpenSea is now one of the most popular 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 become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s look over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out 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 Intervention
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about them is that they allow 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 very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, or old technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be sold or taken home. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. Today you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual worlds. One popular illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names 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 have to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using 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 art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or deposit. Nft Intervention
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Nft Intervention
They also offer several types of digital currency, which makes it one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
While it is open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Intervention
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via the contact page. Just go to their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Visit their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they constantly change at regular intervals.