OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you need. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s look over what it is before we examine its costs and the benefits it offers.
Before you go on, 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.
What is OpenSea? Nft Rehab
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
If the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even the older technologies.
For NFTs, you can gather avatars and digital pet, and other characters that can be sold or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. Today you can create digital artworks. It’s not 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 of Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment characters, virtual objects or even virtual lands. One popular example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select among five selling options. These are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may 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 an amount that is a minimum. This is different from the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or make a deposit. Nft Rehab
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Rehab
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Rehab
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Just go to their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through the contact page. Go to the official site and look at “Submit a request.”
Can you earn 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 the items, post them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.