OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer the written word, look over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Strawberry Nft Size
OpenSea is a marketplace that deals in non-fungible currency, 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 limited to music, art game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest 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 post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or old technology.
As for NFTs, you can gather avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT was invented. Today you can make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can now also be bought. 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 could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or make a deposit. Strawberry Nft Size
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Strawberry Nft Size
They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it is open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Strawberry Nft Size
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them 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?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through the contact page. Just go to their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they change every now and then.