OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to watch videos instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer the written word, go over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Labels
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of 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 that only keeps growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. Today, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare or BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the price of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income 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 or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee competitive.
However, you must understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional 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 Labels
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Labels
They also offer several types of digital assets, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Labels
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, the 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 has a support team?
Yes they do have a support team that can be reached via their contact form. Go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through the contact page. Visit their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged for transferring 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, so they constantly change from time to time.