OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is lengthy. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go through what it is prior to we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Bayc
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, 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 started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to 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 putting at risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music could be among 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 is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars, digital pets, or any other characters that could be traded or acquired. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. In the present you can create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. You only have to make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
However, you have to know that certain NFTs have higher transaction charges compared to others. 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.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, or debit cards for payment for or make a deposit. OpenSea Bayc
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Bayc
They also offer several types of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
While it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Bayc
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers should 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 start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to make 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. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through its contact forms. Just go to their official 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 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 auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they change at regular intervals.