OpenSea has become one of the leading platforms for NFTs. It was the first to launch a platform like this throughout 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 famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the review of this channel. They will guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like the written word, go over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Js
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music could be among 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 has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, virtual pets and other characters that can be traded or collected. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. In the present it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. A well-known instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and auction type then you’re all set.
For the 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 is the one who will be charged the price for the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on 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 costs for the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment for or deposit. OpenSea Js
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains 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 has no centralization, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. OpenSea Js
They also provide a variety of digital currency, which makes their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Js
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via their contact form. Visit their website, and search at “Submit a request.”
Do you have the ability 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 the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through the contact page. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.