OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT have become increasingly 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 set on investing using NFTs beginning with a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look through what it is prior to 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Juice
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. Today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. A well-known illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now 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 options for selling?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. It’s all you have to do is 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 who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller is the one to charge the price for the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, and debit card to make payments for or make a deposit. Nft Juice
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Juice
They also provide a variety of digital asset, which makes them one of the largest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Juice
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible 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 have a support team?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through the contact page. Go to their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.