OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to take a look at videos instead, check out the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look over what it is before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft To Invest In Now
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. 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 have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their search engine to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase 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 take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, digital pets, or any other characters that could 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 has always been among the most well-known NFT since before NFT was invented. In the present you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect 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 space and other elements are now available for purchase. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual worlds. A well-known example can be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments for or transfer funds. Nft To Invest In Now
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported 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 can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft To Invest In Now
They also offer a range of digital currency, making them one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it’s 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 transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft To Invest In Now
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via its contact forms. Just go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through their contact form. Just go to 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 make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by 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, so they fluctuate every now and then.