OpenSea has become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at videos instead, check out the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, go over the basics before we go over the costs and what it can offer.
Before you go on, you may want to check out 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.
What is OpenSea? Video How To Auction On OpenSea Site
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on this platform belong to users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even older technology.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT was invented. Today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A popular illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or transfer funds. Video How To Auction On OpenSea Site
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains 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 when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain or coding. Video How To Auction On OpenSea Site
They also offer several types of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it has some 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.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Video How To Auction On OpenSea Site
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying 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. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Visit their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they change at regular intervals.