OpenSea is now one of the most popular platforms for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer reading, we’ll go 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea 3D Punks
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 only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed your digital assets won’t leave your account. Furthermore, you’re not required to make your 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 look for NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else 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 invested in collectibles like baseball cards, film props, and even the older technologies.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be sold or acquired. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. As of today, you can also create digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price 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 gas fee.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to pay the price of the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment 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 through the marketplace.
If you want to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards to pay or transfer funds. OpenSea 3D Punks
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to 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 of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea 3D Punks
They also offer a range of digital currency, making them one of the largest NFT marketplaces. Low platform charges are also a good method to make more money.
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea 3D Punks
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support team can be reached via their contact form. Go to the official site and search at “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, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Visit the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. 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 the costs for gas?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they fluctuate at regular intervals.