OpenSea has become one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will help you get the leverage you require. 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, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at videos instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s look over the basics before we go over the 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft News Today
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was established in the year the year 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; 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 and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or older technology.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. Today you can do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects and even virtual land. A well-known illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one to charge the price that is the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary 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 through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee affordable.
But, it is important to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid up to 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 crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay or deposit. Nft News Today
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Nft News Today
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support 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 purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft News Today
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via its contact forms. Just go to their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need 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 auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. Go to their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they constantly change from time to time.