OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather watch videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees and what it has to 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 Lettuce Table
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to purchase. They also have filters available to 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 from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. As of today, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
Sports-related digital items are also available, like animated team logos.
VR environments and components can now also be bought. You can buy these metaverses or other things like game objects and the VR environment characters, virtual objects or even virtual worlds. One popular illustration can be 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 can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges 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. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Nft Lettuce Table
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they can 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 safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Lettuce Table
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Lettuce Table
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via the contact page. Just go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they fluctuate 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. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through its contact forms. Visit their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they constantly change at regular intervals.