OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like to read, let’s go over what it is before we go over the costs and what it can 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 Tumblr
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is completed the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names 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 them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller is the one who will be charged the cost that is the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you must know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit and debit card to make payments or transfer funds. OpenSea Tumblr
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to 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 is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about blockchain or coding. OpenSea Tumblr
They also provide a variety of digital currency, making it one of the largest NFT marketplaces. Low platform costs are also a great method to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it has some 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.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Tumblr
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, so they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via their contact form. Go to their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they fluctuate from time to time.