OpenSea has become one of the top marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like the written word, go over the basics before we examine its costs and the benefits it offers.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Nft Zoom
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about 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 been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your account. 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 utilize their website to look for NFTs you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even old technology.
As for NFTs, you can gather avatars and digital pet or other characters that can be traded or acquired. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. As of today it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game objects and the VR environment characters, virtual objects or even virtual worlds. A well-known illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller is the one who will be charged the cost for the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers get up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments or transfer funds. Nft Zoom
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted 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 benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Zoom
They also offer several types of digital currency, making it one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides 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.
The OpenSea ecosystem allows users to transact without having to worry 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 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Zoom
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via the contact page. Go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at 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. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction 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 by the market, which means they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through the contact page. Just go to the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by 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, which means they fluctuate every now and then.