OpenSea is now one of the most popular markets for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch videos instead, check out the channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like to read, let’s go over what it is before we examine its costs and what it can offer.
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.
What is OpenSea? Not For Tourists Nft Website
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to find NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even older technology.
For NFTs, you can gather 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 one of the most popular NFT since before NFT became a reality. As of today you can make the same thing 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 such as those of Sorare or BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual lands. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from 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 list them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to charge the cost for the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid has been 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 charge additional commissions. For example, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or transfer funds. Not For Tourists Nft Website
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they 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 is decentralized, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Not For Tourists Nft Website
They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Not For Tourists Nft Website
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Visit their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they change from time to time.