OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has experienced 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 curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been 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 lengthy. If you prefer to take a look at videos instead, check out this channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer the written word, go over the basics before we go over the costs and what it has to offer.
Before you go on, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft London
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars, digital pets and other characters that can be sold or acquired. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. Today you can do the same with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased 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 simple. All you need to do is to list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller will be the one who will be charged the cost of the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money 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 surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary 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 or debit cards to pay for or transfer funds. Nft London
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft London
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft London
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via its contact forms. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, therefore they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it 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 begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able 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. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they fluctuate every now and then.