OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform 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 digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like reading, we’ll go through what it is prior to we look into its fees 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Starter Coingecko
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started 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 biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s look at 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, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or taken home. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. In the present it is possible to create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters and even virtual land. One popular illustration could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller is the one who will be charged the cost of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very high 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 is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards to pay or make a deposit. Nft Starter Coingecko
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft Starter Coingecko
They also offer a range of digital asset, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Starter Coingecko
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via its contact forms. Visit the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Visit their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at 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. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they change at regular intervals.