OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the channel’s review. They’ll guide the user through OpenSea and its features to ensure 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 the benefits it offers.
Before you continue, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Worth 69 Million
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 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.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. Today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards such as those of Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A popular illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost competitive.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards for payment or transfer funds. Nft Worth 69 Million
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Worth 69 Million
They also provide a variety of digital currency, which makes them one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters 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 transact without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Worth 69 Million
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via the contact page. Go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Go to the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they change every now and then.