OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you require. 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 go on our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re aware of everything 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 continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft System Guide
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 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 very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about 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 buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an open marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were 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 sold or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. In the present, you can also create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified 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 selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one who will be charged the price that is the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing 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 OpenSea’s 2.5 per cent fee affordable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
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 make use of PayPal credit or debit cards for payment for or deposit. Nft System Guide
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about blockchain or coding. Nft System Guide
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it is decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft System Guide
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Go to their official website and look 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 make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via the contact page. Just go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.