OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d prefer to watch videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Lost Relics
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine 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 you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at 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 of beats, remixes or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be sold 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 popular 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 illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular instance could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from five options for selling. These are:
The seller will be the one who will be charged the price that is the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate over the course of. 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 also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. 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 vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards to pay or make a deposit. OpenSea Lost Relics
The NFTs can 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 advantages and drawbacks of using OpenSea.
OpenSea can be 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 blockchain technology or programming. OpenSea Lost Relics
They also offer a range of digital asset, making them one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
While it is decentralized and offers one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent 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 Lost Relics
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Just go to their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they constantly change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Just go to their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
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 periodic fees. The price is determined by the market, therefore they constantly change every now and then.