OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with 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 always been the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like to read, let’s look over what it is before we examine its costs and what it has to 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 Kyc
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even older technology.
For NFTs, you can collect avatars and digital pet, or any other characters that could be sold or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. In the present it is possible to make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters, and even virtual land. A popular example can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases as time passes. 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 in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards for payment or deposit. OpenSea Kyc
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. OpenSea Kyc
They also offer a range of digital assets, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
While it is decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Kyc
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, so they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Visit their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.