OpenSea is now one of the top platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch a video instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll look through what it is prior to we look into its fees and what it has to offer.
Before you continue, 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 Legends
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they use 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 complete your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else an artist is offering. 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 people were investing in collectibles such as baseball cards film props, and even older technology.
As for NFTs, you can collect avatars and digital pet and other characters that can be sold or taken home. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. Today you can create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A well-known example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one to charge the price of the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get as much as 15% commissions on the products 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment or deposit. Nft Legends
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Nft Legends
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it is open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Legends
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser 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 a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team you can reach via its contact forms. Just go to their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create 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, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. 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. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.