OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over what it is before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea 24 Hour Volume
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet or other characters that can be traded or taken home. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. As of today you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list them in the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller is the one to pay the cost for the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell multiple 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 common for cryptocurrency 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 price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% as commissions on the products 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 crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or deposit. OpenSea 24 Hour Volume
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. OpenSea 24 Hour Volume
They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
While it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea 24 Hour Volume
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Visit their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through its contact forms. Just go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.