OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we examine its costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea As
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of 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 first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you require is to 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 purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today it is possible to create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. A popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the price of the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive 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’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit and debit card to make payments for or make a deposit. OpenSea As
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported 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 disadvantages of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. OpenSea As
They also offer a range of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea As
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach through its contact forms. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then 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 could also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they fluctuate at regular intervals.