OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been 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 a long read. If you’d rather watch videos instead, take a look at the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you like the written word, look over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Top Nft Stocks
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate 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 largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website 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 around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music is 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 offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, it is possible to collect avatars, digital pets or any other characters that could be traded or taken home. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. As of today you can create digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items are also available, such as animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. These are:
The seller will be the one to charge the cost of the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells it 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 on the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid, non-fungible token following the time 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 around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or deposit. Top Nft Stocks
The NFTs can only be purchased or traded if your cryptocurrency 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 look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Top Nft Stocks
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Top Nft Stocks
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via their contact form. Visit the official site and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
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 price is determined by the market, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they fluctuate from time to time.