OpenSea has become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch videos instead, you can check out the channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like reading, we’ll look over what it is before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Which Wallet
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to find NFTs you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or collected. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. Today you can create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual lands. One popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one to charge the price that is the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.
However, you must understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or make a deposit. OpenSea Which Wallet
The NFTs can only 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 examine the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Which Wallet
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
While it is decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Which Wallet
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to 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 have a support team can be reached via their contact form. Visit their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Just 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 also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.