OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like the written word, look through what it is prior to we go over the 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Platform
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users 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 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, you can collect avatars and digital pet, or other characters that can be sold or acquired. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT was invented. In the present it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports 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 elements and the VR environment characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller will be the one to charge the price of the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards for payment or deposit. Nft Platform
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about blockchain or coding. Nft Platform
They also offer several types of digital assets, making their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Platform
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Visit their official website and search 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 have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.