OpenSea is now one of the most popular marketplaces for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, check out the channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Memes
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 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 collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your account. Furthermore, you’re not required to open an 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 offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s examine 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 is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. Today you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and auction type 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.
At present, you can select from 5 selling options. The choices are:
The seller is the one to charge the cost of the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, and debit card to make payments for or transfer funds. Nft Memes
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Memes
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
While it is decentralized and offers 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 transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Memes
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via the contact page. Go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to 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 price is determined by the market, so they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through its contact forms. Visit the official site and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by 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 through the marketplace, which means they fluctuate at regular intervals.