OpenSea has become one of the leading markets for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at this channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll look over what it is before we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Questions
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an open marketplace, they use smart contracts that allow users are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars, digital pets and other characters that can be traded or acquired. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can be purchased. You can purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects and even virtual land. A popular illustration can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by 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 in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller is the one to pay the cost for the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
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 that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit and debit card to make payments for or deposit. Nft Questions
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets 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 that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Nft Questions
They also offer a range of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still has its 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.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Questions
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via its contact forms. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they fluctuate from time to time.