OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at a video instead, check out the review of this channel. They’ll walk users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nicholas Green Nft Advisory
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their 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 founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their search engine to look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even old technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be traded or taken home. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. In the present you can do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual lands. A well-known illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and auction type, 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 gas fee.
At present, you can select from 5 selling options. They are:
The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers get up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or deposit. Nicholas Green Nft Advisory
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, 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 coding or blockchain. Nicholas Green Nft Advisory
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nicholas Green Nft Advisory
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via the contact page. Visit their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.
What do I need to know so 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, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they constantly change at regular intervals.