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 throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, go over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Vs Metamask
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or old technology.
As for NFTs, you can gather avatars and digital pet, or other characters that can be sold or acquired. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. Today, you can also make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known example can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the price for the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to 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 is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction fees 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.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. OpenSea Vs Metamask
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. OpenSea Vs Metamask
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Vs Metamask
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Visit the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, therefore they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team you can reach through its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.