OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch videos instead, check out the channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Value
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even older technology.
For NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or collected. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. As of today you can do the same with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A well-known illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are 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 being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer 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 to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 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 to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee affordable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. 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%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or transfer funds. Nft Value
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 examine the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft Value
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Value
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through the contact page. Go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create 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 to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they fluctuate every now and then.