OpenSea has become one of the leading platforms for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Ocean
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year 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 one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or old technology.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or acquired. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. As of today you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual worlds. A popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples come 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 from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type, 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.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid when the auction closes above 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, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or deposit. Nft Ocean
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine 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 in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Ocean
They also provide a variety of digital assets, making their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Ocean
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Visit their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they constantly change at regular intervals.