OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at a video instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Prices
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who 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 have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or older technology.
In the case of NFTs, you can gather avatars, digital pets or any other characters that could be sold or acquired. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. In the present it is possible to create digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game elements, the VR environment, characters, virtual objects or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. 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 your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the cost that is the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers get up to 15% 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 own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments or transfer funds. Nft Prices
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 swindled. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Prices
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Prices
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they change at regular intervals.