OpenSea has become one of the top markets for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we examine its 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea With Ledger
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not 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 got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even old technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be sold or acquired. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. Today, you can also create digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut 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 to list them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the price for the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to 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 will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or transfer funds. OpenSea With Ledger
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea With Ledger
They also provide a variety of digital assets, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Although it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service 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 allows users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea With Ledger
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it with your phone on the go, your browsers must 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 do have a support team that can be reached via its contact forms. Go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Go to the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged 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 constantly change every now and then.