OpenSea has become one of the most popular markets for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s look over what it is before 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Supplements
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st 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 biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or old technology.
As for NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. Today, you can also make the same thing with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A popular example is 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 can now also be 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 easy. All you need to do is post them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller will be the one to charge the cost of the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be created 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 expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Nft Supplements
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they 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 that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Supplements
They also offer a range of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
While it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and strange, which is 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 decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Supplements
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through the contact page. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your 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 check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they constantly change at regular intervals.