OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer reading, we’ll look over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Video
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the 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 are constantly expanding. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or taken home. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. 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, such as those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual lands. A popular example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid is 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.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Nft Video
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost 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 Video
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it has its 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 buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Video
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell 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?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via the contact page. Just go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they change every now and then.