OpenSea is now one of the most popular markets for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s look over the basics 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Llc, Chicago Heights
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to look for NFTs you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs can you 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 examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or the older technologies.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be traded or taken home. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT became a reality. Today it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual lands. A popular illustration could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller is the one who will be charged the price of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from auctions like 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 at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based 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 extra commissions. For instance, game developers get up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or make a deposit. Nft Llc, Chicago Heights
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Llc, Chicago Heights
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
While it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Llc, Chicago Heights
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via the contact page. Visit their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once 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 costs for gas?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they 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 utilize. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Just go to the official site and search on the page for “Submit a request.”
Can you make 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. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.