OpenSea has grown to become one of the most popular markets for NFTs. It was the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is a long read. If you prefer to take a look at videos instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll go over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft What Is
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year 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, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have 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 utilize their website to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available 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 take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can collect avatars, digital pets or any other characters that could be sold or taken home. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. As of today, you can also make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. One popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to pay the cost for the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you must know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been 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 extra commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment for or deposit. Nft What Is
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in coding or blockchain. Nft What Is
They also offer a range of digital assets, making them one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft What Is
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it with your mobile phone, your 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 customer support staff that you can reach via its contact forms. Visit their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.