OpenSea is now one of the most popular marketplaces for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Videos
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be traded or taken home. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT was invented. As of today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from 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 on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller is the one to pay the cost of the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment for or deposit. Nft Videos
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Videos
They also offer a range of digital assets, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it is decentralized and has one of the largest NFT collections, it still has some 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.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Videos
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via the contact page. Go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you 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 at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need 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 look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they change from time to time.