OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Sure Gro Nft Channel
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
What types 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 review of each.
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even old technology.
As for NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or taken home. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. As of today you can make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. A popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from 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 list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller is the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your 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, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments or transfer funds. Sure Gro Nft Channel
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains 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 that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Sure Gro Nft Channel
They also offer several types of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
While it is open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Sure Gro Nft Channel
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should 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 their contact form. Go to their website, and search on the page for “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 the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they constantly change at regular intervals.