OpenSea has become one of the top platforms for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning 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 top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather watch videos instead, check out the channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we go over the costs and what it can 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Jpg
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s 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. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even older technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be sold or taken home. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. As of today you can make the same thing with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects and even virtual land. A popular instance can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller will be the one to charge the price of the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid as much as 15% commissions for the 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. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards to pay for or make a deposit. Nft Jpg
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 examine the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Jpg
They also provide a variety of digital currency, making it one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
While it is open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Jpg
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via its contact forms. Just go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Just go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they change at regular intervals.