OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT become more popular 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 set on investing through NFTs, then starting from a good marketplace can provide 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 begin our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, look over what it is before we examine its costs and the benefits it offers.
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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Problems
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available 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 look at each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
For NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. Today you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual lands. A popular instance is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from 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 being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select from five options for selling. These are:
The seller will be the one to charge the price of the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit and debit card to make payments or make a deposit. Nft Problems
The NFTs can only be purchased or traded when your cryptocurrency is supported 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 benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Nft Problems
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Problems
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Just go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via its contact forms. Go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, so they change every now and then.