OpenSea has become one of the leading platforms for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the costs 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Pay Phone
OpenSea offers a market that deals in non-fungible tokens, 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 game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or the older technologies.
As for NFTs, you can collect avatars, digital pets, and other characters that can be traded or collected. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. Today it is possible to do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. One popular instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. 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 post them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the price for the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers generally set high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Pay Phone
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Pay Phone
They also offer several types of digital currency, making them one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Pay Phone
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must 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 team?
Yes, they have a support team that you can contact through their contact form. Just go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through its contact forms. Just go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they constantly change from time to time.