OpenSea has grown to become one of the leading markets for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d rather watch videos instead, check out the review of this channel. They’ll guide you 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 through what it is prior to we look into its fees and what it can 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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Meme
OpenSea offers a market 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 available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful, your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. In the present it is possible to create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects and even virtual land. A well-known example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting 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. You only have to make sure your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge 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 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid is 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 some NFTs charge additional commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or deposit. Nft Meme
The NFTs can only be bought or sold when your cryptocurrency is accepted 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 look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Meme
They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
While it is decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range 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 security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Meme
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via their contact form. Visit their website, and look on the page for “Submit a request.”
Do you have the ability 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 the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they change from time to time.