OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since 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 planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather take a look at a video instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over what it is before we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Predictions
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was founded in the year 2018 by 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 very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or collected. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. In the present, you can also do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. One popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments for or deposit. Nft Predictions
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 drawbacks of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Nft Predictions
They also provide a variety of digital assets, making it one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it’s open source and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Predictions
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via their contact form. Go to the official site and search at “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 add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through the contact page. Just go to their official website and search for “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 then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs 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 change every now and then.