OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, take a look at the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer the written word, look through what it is prior to 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Defi Pet
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell 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 created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very 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 that are constantly growing. 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 previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
As for NFTs, you can gather avatars and digital pet, or other characters that can be sold or acquired. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. As of today you can create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A well-known instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller will be the one who will be charged the cost that is the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency 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 by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
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. Also, you are not able to use PayPal credit, debit, or debit cards to pay or make a deposit. OpenSea Defi Pet
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in coding or blockchain. OpenSea Defi Pet
They also provide a variety of digital currency, which makes them one of the largest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Defi Pet
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it through your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out 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 offers one-time fees as well as regular fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.