OpenSea has become one of the top markets for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to take a look at videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we go over the 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Dizzy Dragons
OpenSea offers a market 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, and 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 one of the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even old technology.
As for NFTs, it is possible to collect avatars, digital pets, and other characters that can be traded or acquired. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT came to be. As of today it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. A popular illustration could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller is the one to pay the price that is the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or make a deposit. OpenSea Dizzy Dragons
The NFTs can only be bought or sold only if the cryptocurrency you’re using 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 examine the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. OpenSea Dizzy Dragons
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it’s open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make 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 for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Dizzy Dragons
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need 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 support staff that can be reached via their contact form. Visit their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Just go to their official website and search 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 make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they constantly change every now and then.