OpenSea is now one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like to read, let’s go over the basics 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Vs Pills
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to find NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or collected. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. As of today, you can also create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. These are:
The seller will be the one to charge the price for the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers receive up to 15% 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, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay or make a deposit. Nft Vs Pills
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Vs Pills
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, 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. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Vs Pills
What are the requirements I must meet before I can make use of 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 an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via the contact page. Just go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. 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 fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, so they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that 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. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through the contact page. Visit the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they constantly change at regular intervals.