OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Pvc Pipe Plan Layout Zig Zag
OpenSea is a marketplace 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 NFTs available are not restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began 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.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, you can gather avatars and digital pet, or other characters that can be traded or taken home. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. Today it is possible to make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well 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.
Sports-related digital items can also be collected, such as animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to 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 to list them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued 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 that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up 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, debit, and debit card to make payments or transfer funds. Nft Pvc Pipe Plan Layout Zig Zag
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Pvc Pipe Plan Layout Zig Zag
They also offer a range of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Pvc Pipe Plan Layout Zig Zag
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it 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 filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via their contact form. Go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you 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. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through its contact forms. Go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.