OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll look through what it is prior to we go over the 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Value Crypto
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or acquired. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT came to be. As of today you can do the same with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 list your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected 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 price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need 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, and debit card to make payments or deposit. Nft Value Crypto
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Value Crypto
They also offer several types of digital currency, which makes them one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Value Crypto
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Just go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.