OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d rather watch videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we examine its costs and the benefits it offers.
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 our article for a more comprehensive review.
What is OpenSea? OpenSea 888 Genesis
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began 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 largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
If the transaction is complete the digital assets won’t 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 utilize their website to find NFTs you’d like to buy. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets, and other characters that can be traded or collected. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. As of today, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual lands. A popular instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready 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. The choices are:
The seller will be the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or deposit. OpenSea 888 Genesis
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. OpenSea 888 Genesis
They also offer a range of digital currency, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea 888 Genesis
What do I need 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. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through the contact page. Just go to the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. 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?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate 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 utilize. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through its contact forms. Just go to their website, and look at “Submit a request.”
Do you have the ability to mint 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, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.