OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look over what it is before we examine its 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Mailing Address
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or older technology.
As for NFTs, you can gather avatars and digital pet, and other characters that can be traded or acquired. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
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, for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller is the one to pay the price of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee affordable.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or make a deposit. Nft Mailing Address
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Mailing Address
They also offer several types of digital assets, making them one of the largest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
While it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Mailing Address
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through the contact page. Just go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. Once 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 go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through its contact forms. Visit the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they fluctuate from time to time.