OpenSea has grown to become one of the leading platforms for NFTs. It was the first 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 becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look through what it is prior to we go over the costs and what it can offer.
Before you go on, 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.
What is OpenSea? OpenSea Habbo
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by users, not 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 losing their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your account. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever 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, and even old technology.
For NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or collected. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT came to be. Today, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller will be the one to charge the price that is the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment or deposit. OpenSea Habbo
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. OpenSea Habbo
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also increasing over time. 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 can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea Habbo
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via the contact page. Just go to their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they change at regular intervals.