OpenSea is now one of the most popular marketplaces for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right 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 watch a video instead, you can check out the channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s look over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Teachers Association
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see 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 intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is completed the digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars, digital pets or other characters that can be traded or acquired. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT was invented. Today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game elements, the VR environment, characters, virtual objects or even virtual worlds. One popular example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. 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 on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. The choices are:
The seller will be the one to charge the price for the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. 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. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction 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 through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or transfer funds. Nft Teachers Association
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft Teachers Association
They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT collections, it has some 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 create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Teachers Association
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Go to the official site and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, which means they change every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, your 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 the contact page. Go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction 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 through the marketplace, which means they constantly change every now and then.