OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d rather take a look at a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out 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 Market Cap
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in 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 first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. 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 operate?
If you’ve been buying or selling with cryptocurrencies You’ll see 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’re an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available 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 look at each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars and digital pet and other characters that can be traded or taken home. The rarer they are the more 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 came to be. Today you can create digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can 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 common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or deposit. Nft Market Cap
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to 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 can be decentralized which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Market Cap
They also offer several types of digital assets, making them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
While it is decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Market Cap
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through its contact forms. Go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers should work 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 customer support team that you can reach via its contact forms. Visit their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they constantly change every now and then.