OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to take a look at a video instead, you can check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we go over the costs and the benefits it offers.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Tv Wchedule
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is 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 that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or older technology.
For NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or taken home. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. Today it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. A popular illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the cost for the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can present 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 an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Tv Wchedule
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can 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 has no centralization, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Tv Wchedule
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears 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 Tv Wchedule
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via its contact forms. Visit their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they change from time to time.
What do I need so I can use 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 should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Just go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they fluctuate every now and then.