OpenSea is now one of the leading platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSeason 1
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to make your 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 search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else 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 were popular, a few individuals were interested in collecting items such as baseball cards film props, and even older technology.
For NFTs, you can gather avatars and digital pet or any other characters that could be sold or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. Today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters and even virtual land. A well-known example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by 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 your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller will be the one to pay the cost for the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. With time, the value will lower until it becomes 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 an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to 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. This means that you can’t make use of PayPal credit or debit cards to pay for or make a deposit. OpenSeason 1
The NFTs can only be bought 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 of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. OpenSeason 1
They also provide a variety of digital asset, which makes it one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSeason 1
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team 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 also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore 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 utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through its contact forms. Go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, which means they constantly change from time to time.