OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d rather watch a video instead, check out this channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll go through what it is prior to we go over the costs and what it has to offer.
Before you continue, 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 of OpenSea.
What is OpenSea? OpenSea Zapper
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars, digital pets or any other characters that could 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 among the most well-known NFT, even before NFT came to be. In the present you can do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select among five selling options. These are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
However, you must understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers get as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or deposit. OpenSea Zapper
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 take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. OpenSea Zapper
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Zapper
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions fees 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 in accordance with the current market conditions, which means they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to their 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 be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they change from time to time.