OpenSea is now one of the most popular markets for NFTs. It was the first to introduce a platform of this kind over the years. It’s 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 enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch videos instead, check out the review of this channel. They will guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like the written word, look over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Project L Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited 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 started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Because they’re an open marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. As of today, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular instance can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller is the one to charge the price of the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each 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. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers get as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards to pay or deposit. Project L Nft
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Project L Nft
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as 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 are also increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to 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 allows customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Project L Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Just go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via the contact page. Visit the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.