OpenSea is now one of the most popular markets for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at a video instead, check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll look over the basics before we go over the 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Zunks
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of 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 offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, digital pets and 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 is always one of the most well-known NFT prior to when NFT became a reality. As of today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters, or even virtual worlds. One popular example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller is the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers generally set high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you have to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers are paid up to 15% 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 own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or make a deposit. OpenSea Zunks
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. OpenSea Zunks
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 make more money.
Although it is open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea Zunks
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Visit the official site 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 the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Visit their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change at regular intervals.