OpenSea has become one of the most popular markets for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. That’s why we made 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 lengthy. If you’d rather take a look at a video instead, take a look at this channel’s review. They will guide the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Investment Funds
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell 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 created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is successful your digital assets will never leave your account. Moreover, you aren’t 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 utilize their website to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine 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, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or old technology.
For NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or collected. The more rare they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. As of today you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the cost of the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you want to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or transfer funds. Nft Investment Funds
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can 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 can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Investment Funds
They also provide a variety of digital currency, making their platform one of the most popular NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it is decentralized and offers one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a 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 create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds 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. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Investment Funds
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team can be reached via their contact form. Go to the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through their contact form. Just go to their official website and search at “Submit a request.”
Do you have the ability to mint 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. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they change at regular intervals.