OpenSea has become one of the top marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is a long read. If you prefer to watch videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll go over what it is 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. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Worth Buying
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and 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 first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else 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 were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
As for NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or taken home. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. As of today it is possible to make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video 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 like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual lands. A popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from 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 list them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the cost for the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales 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 have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you have to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. Nft Worth Buying
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Worth Buying
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
While it is decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Worth Buying
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs 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 constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Visit the official site 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 to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they constantly change at regular intervals.