OpenSea has grown to become one of the leading markets for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced 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 an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you jump in with 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 continue, you may want to watch 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? Nutrient Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is completed, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or taken home. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. In the present it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and type of auction, 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 fee for gas.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces 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. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay for or make a deposit. Nutrient Nft
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains 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 disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Nutrient Nft
They also offer several types of digital assets, making them one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it’s decentralized and offers one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nutrient Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. 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 topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through their contact form. Just go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they fluctuate every now and then.