OpenSea has become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind throughout 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 enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is lengthy. If you prefer to watch a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look through what it is prior to we examine its costs and the benefits it offers.
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 of OpenSea.
What is OpenSea? OpenSea Ticker
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange 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 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. In the present, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects and even virtual land. A well-known example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products 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 wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the price that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as 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. This means that you can’t use PayPal, credit, or debit cards for payment or transfer funds. OpenSea Ticker
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. OpenSea Ticker
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
While it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Ticker
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
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 by the market, so they fluctuate at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they change at regular intervals.