OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the most popular 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 prefer to take a look at a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to check out 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.
What is OpenSea? OpenSea Sign Up
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. In the present it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, and even virtual land. A popular illustration could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. These are:
The seller is the one to charge the price of the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set 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 can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells 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 via the platform. You can then sell them in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea Sign Up
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. OpenSea Sign Up
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Sign Up
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via their contact form. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. 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 gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Visit their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.