OpenSea has grown to become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you prefer to watch videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we go over the 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Pump
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 in 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 first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or acquired. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. In the present, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration is Axie Infinity.
As bizarre 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 to be 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 selling options?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller is the one to pay the price of the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or deposit. Nft Pump
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to 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 has no centralization, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Pump
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Pump
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they constantly change every now and then.