OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, you can check out the review of this channel. They will guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look through what it is prior to 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. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Upcoming Drops
OpenSea provides a platform for 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 available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 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 which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets, and other characters that can be traded or acquired. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. As of today you can create digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A popular illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 post your products on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller is the one to pay the cost for the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers generally set high prices. As time passes, the price 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 once they agree on a price.
The seller will 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 drops over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies 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. This means that you can’t make use of PayPal credit and debit card to make payments for or transfer funds. OpenSea Upcoming Drops
The NFTs can only be purchased or sold only if the cryptocurrency you’re using 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 take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in coding or blockchain. OpenSea Upcoming Drops
They also offer a range of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears 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 Upcoming Drops
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via their contact form. Just go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.