OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They will guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like reading, we’ll go over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft What Is It
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them 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 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly 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 function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even older technology.
In the case of NFTs, you can gather avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. In the present it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to 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 elements as well as the VR environment virtual objects, characters, and even virtual land. A well-known instance could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller will be the one to pay the cost 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 in time. Sellers typically set up very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge 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 galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers get up to 15% as commissions on the products 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 your cryptocurrencies into cash. This means that you can’t make use of PayPal credit and debit card to make payments or make a deposit. Nft What Is It
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Nft What Is It
They also offer several types of digital assets, making their platform one of the most popular NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft What Is It
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 trying it with your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Just go to the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they fluctuate from time to time.