OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the leading 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 take a look at a video instead, check out this channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you like the written word, look over what it is before we examine its costs and what it can offer.
Before you continue, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Launches
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re an open marketplace, they have 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. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be sold or acquired. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. As of today, you can also create digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. One popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller is the one to pay the price that is the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes 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 is required to put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you want 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 fees?
It is common for crypto or NFT marketplaces to impose 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. Similar to how regular galleries earn money by getting a share 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 kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards to pay for or deposit. Nft Launches
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Launches
They also offer several types of digital currency, making it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Launches
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through the contact page. Just go to their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they change every now and then.