OpenSea is now one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to watch a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Price Chart
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created 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 first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever 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 users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. 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 offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or taken home. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. Today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from 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 to list them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend 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 example, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or transfer funds. Nft Price Chart
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Price Chart
They also provide a variety of digital assets, making them one of the largest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Price Chart
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that 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 a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through its contact forms. Go to their website, and look at “Submit a request.”
Do you have the ability to make 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 them, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, so they fluctuate at regular intervals.