OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, take a look at the review of this channel. They will guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over the basics before we examine its costs and what it can offer.
Before you continue, 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 Banner Size
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars, virtual 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 is always one of the most well-known NFT prior to when NFT was invented. As of today you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
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, virtual objects, characters or even virtual lands. A popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the price that is the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very expensive prices. As time passes, the price 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 agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks 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 you a 5percent commission per sale, which makes OpenSea’s 2.5% cost affordable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 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 price for this process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or deposit. OpenSea Banner Size
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. OpenSea Banner Size
They also offer a range of digital asset, making it one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a 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 establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Banner Size
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via the contact page. Go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore 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. 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 staff?
Yes they do have a support team that you can reach via their contact form. Visit their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they change from time to time.