OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we look into its fees and what it can offer.
Before you continue, 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 the article for a more comprehensive review.
What is OpenSea? Nft Playoffs
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever 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 people were investing in collectibles such as baseball cards film props, and even older technology.
For NFTs, you can collect avatars, virtual pets or any other characters that could be sold or collected. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. As of today you can do the same with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual lands. One popular illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. 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 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 the type of auction then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage 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 and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or deposit. Nft Playoffs
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Playoffs
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also 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 can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Playoffs
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through its contact forms. Go to the official site and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through its contact forms. Just go to the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees 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 price is determined through the marketplace, therefore they fluctuate every now and then.