OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, check out this channel’s review. They’ll guide the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like the written word, look over what it is before we go over the costs 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Uploading To OpenSea
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not by the platform. Because they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or acquired. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. Today you can create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual lands. One popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For 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. These are:
The seller is the one to pay the price for the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes 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 multiple 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 is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or make a deposit. Uploading To OpenSea
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Uploading To OpenSea
They also provide a variety of digital currency, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Uploading To 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. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges 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 through the marketplace, so they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and 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 costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, so they change from time to time.