OpenSea has become one of the top markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Market Value
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported 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 simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy 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 all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even the older technologies.
For NFTs, you can collect avatars, digital pets or any other characters that could be traded or acquired. The more rare they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. Today, you can also do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. A well-known illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. 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 your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller will be the one to charge the cost that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, and debit card to make payments or make a deposit. Nft Market Value
The NFTs can be purchased or traded if your cryptocurrency 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 look at the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Nft Market Value
They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
While it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Market Value
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Visit the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer 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, so they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach through their contact form. Visit their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they constantly change at regular intervals.