OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look over the basics before we go over the costs and what it can 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Therapy
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by 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 the security of their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be sold or taken home. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. As of today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. One popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting 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. All you need to do is to make sure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present 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 an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
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 in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or make a deposit. Nft Therapy
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about coding or blockchain. Nft Therapy
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
While it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Therapy
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.