OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you 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 start this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch a video instead, take a look at this channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like the written word, go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? R Nfl Old
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even 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 traded or acquired. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. A well-known example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the price for the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you have to understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or make a deposit. R Nfl Old
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. R Nfl Old
They also offer a range of digital currency, which makes it one of the most popular NFT marketplaces. The low platform costs are also a great 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 a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ R Nfl Old
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 work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via their contact form. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so 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. When you’re using the browser on your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through their contact form. Visit the official site and search for “Submit a request.”
Can you mint 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. Once you’re ready to sell them, list them for auction. 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. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they change at regular intervals.