OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at videos instead, check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like to read, let’s look 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Twitter
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t 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 started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your account. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets or other characters that can be traded or collected. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items like game elements, the VR environment, characters, virtual objects and even virtual land. A well-known example is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select among five selling options. The choices are:
The seller will be the one to charge the cost of the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers are paid up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay or deposit. Nft Twitter
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets 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 benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Twitter
They also offer a range of digital asset, making them one of the largest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it’s open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Twitter
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via the contact page. Just go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, which means they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach through their contact form. Visit their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, which means they change from time to time.