OpenSea has grown to become one of the leading 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 becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we examine its costs and what it has to offer.
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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Sites
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even the older technologies.
As for NFTs, you can gather avatars and digital pet and other characters that can be traded or taken home. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. As of today you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or 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 are also available, for example, animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual worlds. A well-known example can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one who will be charged the price of the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. 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 puts up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or transfer funds. Nft Sites
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Nft Sites
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Sites
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through their contact form. Go to their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Just go to the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas 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. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.