OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like the written word, go through what it is prior to we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Video Game Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying 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 can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be traded or taken home. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. Today you can do the same with digital artworks. It’s not 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, such as those of Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller is the one to pay the cost for the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or transfer funds. Video Game Nft
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Video Game Nft
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and offers 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 transactions using currencies such as USD or Euros.
You will also need to create your 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 strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Video Game Nft
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via their contact form. Visit the official site and look 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. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it through 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 fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via their contact form. Go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges 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. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.