OpenSea has become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can provide the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
Before you go on, you may want to check out 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.
What is OpenSea? Play By Play Nft Streaming
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT was invented. As of today you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment characters, virtual objects or even virtual worlds. One popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased 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 to list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the cost for the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you want to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards for payment or deposit. Play By Play Nft Streaming
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 is decentralized, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Play By Play Nft Streaming
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your 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 why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Play By Play Nft Streaming
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through the contact page. Go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they fluctuate from time to time.