OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d prefer to watch videos instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? OpenSea Cats In Mechs
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or the older technologies.
For NFTs, you can collect avatars, virtual pets, or other characters that can be sold or collected. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. In the present it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be 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 in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and the type of auction, 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.
Currently, you can choose from five options for selling. These are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will 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 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
But, it is important 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 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
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, debit, or debit cards to pay for or deposit. OpenSea Cats In Mechs
The NFTs can only be purchased 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 look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. OpenSea Cats In Mechs
They also provide a variety of digital asset, which makes them one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Cats In Mechs
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Visit their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If 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. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Visit their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, which means they change at regular intervals.