OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it the right choice 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, take a look at the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Near Me
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created 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 among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve 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. Since they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your account. In addition, you don’t have to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be sold or acquired. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. Today, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR environments and components can be purchased. You can purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. One popular instance can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples are 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 post your products on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the cost of 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 over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers get 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards to pay for or make a deposit. OpenSea Near Me
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. OpenSea Near Me
They also provide a variety of digital assets, making it one of the largest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
While it is decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Near Me
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they change from time to time.