OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go through what it is prior to 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Market Down
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. 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 offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine 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 of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
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 will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. In the present you can make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items are also available, like animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay or deposit. Nft Market Down
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of 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, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Nft Market Down
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to make more money.
While it is open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Market Down
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the 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 do have a support staff that you can contact through its contact forms. Just go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, which means they fluctuate every now and then.
What are the requirements I must meet before 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 on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.