OpenSea has become one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Floor Price
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection 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 work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items 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 sold or taken home. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. As of today, you can also create digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price 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 fee for gas.
You can currently select from five options for selling. The choices are:
The seller will be the one to pay the cost that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when 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 auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or deposit. OpenSea Floor Price
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. OpenSea Floor Price
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Floor Price
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team can be reached via their contact form. Just go to their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
These are transactions costs from 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 by the market, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach through the contact page. Visit the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs 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. The price is determined in accordance with the current market conditions, so they change at regular intervals.