OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform throughout 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 other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? OpenSea Your Payout Wallet Address
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them 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 the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. 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 a vast collection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to find NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the 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 became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even older technology.
As for NFTs, you can gather avatars and digital pet, or other characters that can be sold or taken home. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. Today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual worlds. A well-known example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. As time passes, the price 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 have agreed on a price.
The seller will put up an NFT for sale and will list the 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 make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs within one transaction, you could 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 common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted 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 it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or deposit. OpenSea Your Payout Wallet Address
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. OpenSea Your Payout Wallet Address
They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Your Payout Wallet Address
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.