OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nifty Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in the year 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 among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even old technology.
For NFTs, you can gather avatars, virtual pets or other characters that can be traded or collected. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects and even virtual land. A popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller is the one to charge the price that is the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as 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, debit, or debit cards to pay or transfer funds. Nifty Nft
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Nifty Nft
They also offer a range of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nifty Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via its contact forms. Just go to the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, so they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users 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 a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through its contact forms. Go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they fluctuate every now and then.