OpenSea is now one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote 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 quite an extensive read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They will guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees and what it can offer.
Before you continue, 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 Wall Street Journal
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. 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 operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to 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 buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, digital pets, or other characters that can be sold or collected. The more rare they are, the greater 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 came to be. In the present, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses and other things such as game items and the VR environment characters, virtual objects or even virtual lands. One popular illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. They are:
The seller is the one to pay the price that is the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over 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 present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or deposit. Nft Wall Street Journal
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Wall Street Journal
They also offer a range of digital assets, making it one of the largest NFT marketplaces. The low platform charges are also a good method to earn more income.
Although it’s open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few 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 cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Wall Street Journal
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Just go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through its contact forms. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. 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 charges that are charged by Etherium. You pay a gas fee 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 fluctuate at regular intervals.