OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the 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.
What is OpenSea? Nft Q And A
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be sold or acquired. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. As of today you can make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A popular illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have 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 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 single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the cost of the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only have 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 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or make a deposit. Nft Q And A
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted 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 take a look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Q And A
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Q And A
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Go to their official website and search for “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 add the item to your collection. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to 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 funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven 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. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via their contact form. Visit their official website and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they fluctuate every now and then.