OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind 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 their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like to read, let’s look over what it is before we examine its 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea 3 Billion
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs 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 created in 2018 by 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, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or old technology.
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 will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after 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 illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as those of Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. A popular example is Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. 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 shut down from anyone. 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 your products on 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 and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. These are:
The seller is the one to charge the cost of the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any 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 an amount of the sales cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments for or transfer funds. OpenSea 3 Billion
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can 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 is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea 3 Billion
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows 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 reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea 3 Billion
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs 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 recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Visit their official 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 have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they change every now and then.