OpenSea is now one of the most popular platforms for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll go through what it is prior to we go over the 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.
What is OpenSea? Nft Viewer
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars and digital pet or any other characters that could be sold or taken home. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. Today, you can also do the same with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters and even virtual land. A well-known example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller is the one to pay the price that is the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or deposit. Nft Viewer
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Viewer
They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
While it is decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides 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 financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Viewer
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Visit their website, and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once 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 costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, therefore they change from time to time.