OpenSea has become one of the top marketplaces for NFTs. It was the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Tumblr Not A Bad Day After All Ten
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, 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 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now 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 that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars, virtual pets and other characters that can be sold or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. Today it is possible to do the same with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered 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 options for selling?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller is the one who will be charged the price of the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in the course of. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over 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, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments or transfer funds. Nft Tumblr Not A Bad Day After All Ten
The NFTs can only be bought or sold when your cryptocurrency is accepted 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 drawbacks that come with 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 you do not have any experience or expertise in blockchain technology or programming. Nft Tumblr Not A Bad Day After All Ten
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and 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. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Tumblr Not A Bad Day After All Ten
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via their contact form. Go to their website, and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through their contact form. Just go to the official site and look at “Submit a request.”
Do you have the ability to make 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. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate every now and then.