OpenSea has become one of the most popular platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d rather watch videos instead, check out the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go through what it is prior to we examine its costs and what it can 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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea 404 Error
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless 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 use their browser to look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars and digital pet or any other characters that could be traded or acquired. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. As of today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. One popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell it to the highest 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 using the platform. You can then sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or make a deposit. OpenSea 404 Error
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they can 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 can be decentralized making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in coding or blockchain. OpenSea 404 Error
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat 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 buy from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea 404 Error
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via the contact page. Just go to the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from 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 constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges from 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 in accordance with the current market conditions, therefore they constantly change from time to time.