OpenSea is now one of the most popular marketplaces for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you prefer to watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer the written word, go over the basics before we examine its costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Without Cryptocurrency
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to look for NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, virtual pets and other characters that can be sold 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 sought-after NFT prior to when NFT was invented. In the present, you can also create digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment characters, virtual objects and even virtual land. A popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to 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 the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the price for the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. 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 will list the minimum price. It’s opposite to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional 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. Also, you are not able to make use of PayPal credit or debit cards for payment or transfer funds. Nft Without Cryptocurrency
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Without Cryptocurrency
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Without Cryptocurrency
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through the contact page. Just go to the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via its contact forms. Go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at 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 sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they change from time to time.