OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right 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, take a look at this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and what it can 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? S Ng OpenSea
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
For NFTs, you can gather avatars, digital pets or any other characters that could be sold or acquired. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. As of today it is possible to create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters and even virtual land. One popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller will be the one who will be charged the price for the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction 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’re looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or transfer funds. S Ng OpenSea
The NFTs can only be bought or sold when your cryptocurrency 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 examine the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. S Ng OpenSea
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of 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 create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ S Ng OpenSea
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team can be reached via the contact page. Go to the official site and look on the page for “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 then add the item to your collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Visit the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction 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 prices are driven by the market, which means they constantly change at regular intervals.