OpenSea has become one of the leading markets for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer to read, let’s go through what it is prior to we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea In India
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their browser to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be traded or acquired. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. In the present you can create digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items are also available, like animated team logos.
VR environments and components can be purchased. You can buy these metaverses and other things like game objects as well as the VR environment characters, virtual objects and even virtual land. One popular instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to 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%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards for payment for or transfer funds. OpenSea In India
The NFTs are only able to be purchased or sold if your cryptocurrency is supported 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 advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. OpenSea In India
They also offer a range of digital asset, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it’s decentralized 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 the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea In India
What do I need 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, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team can be reached via the contact page. Visit their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through the contact page. Just go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to 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, therefore they change every now and then.