OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, take a look at this channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer the written word, go over what it is before 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 of OpenSea.
What is OpenSea? Sending Nft And Btc
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them 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 by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, digital pets, and other characters that can be traded or taken home. The rarer they are, the more value they will possess. 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 create digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters and even virtual land. One popular illustration could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction 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.
You can currently select from 5 selling options. The choices are:
The seller will be the one to pay the price for the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary 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 through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to 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 on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or transfer funds. Sending Nft And Btc
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets 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 that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Sending Nft And Btc
They also offer a range of digital asset, making it one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it’s open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Sending Nft And Btc
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers should be compatible 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 staff?
Yes they do have a support staff that you can reach via the contact page. Go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. 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?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through their contact form. Just go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they constantly change at regular intervals.