OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer the written word, look over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to check out 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 Investment
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, 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 established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their browser to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music may be one of 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 the artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT was invented. Today it is possible to create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. 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 come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 list them on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller will be the one to charge the cost of the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers generally set high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. 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 bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries earn money 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 you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you have to understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need 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 or deposit. Nft Investment
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually 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 Investment
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it’s open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Investment
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to mint 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. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach through the contact page. Just go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.