OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you require. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer the written word, go over what it is before we go over the 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.
What is OpenSea? Nft To Buy On Coinbase
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs 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 got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a review of 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, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or old technology.
For NFTs, you can collect avatars and digital pet, or other characters that can be sold or taken home. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. As of today it is possible to do the same with digital art. It’s not limited to digital artworks and illustrations. 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 the ones from Sorare or BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. One popular illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered 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 list them in the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller will be the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very high prices. With time, the value decreases until it’s 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 puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid 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 mint your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments or deposit. Nft To Buy On Coinbase
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can 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 is decentralized, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. Nft To Buy On Coinbase
They also offer a range of digital currency, which makes it one of the largest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds unusual, but that’s 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 as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft To Buy On Coinbase
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Just go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through the contact page. Visit their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.