OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like the written word, look over the basics before we look into its fees 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Just Bricks
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be traded or collected. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT came to be. As of today you can make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. One popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names 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 your products on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller is the one to charge the cost for the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present 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 a minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it 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 via the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or deposit. OpenSea Just Bricks
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of 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 can be decentralized making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. OpenSea Just Bricks
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range 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 privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Just Bricks
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Visit the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need 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 auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, which means they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach through its contact forms. Visit their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they fluctuate at regular intervals.