OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can 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 the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go over what it is before 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Virtual Real Estate Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The more rare they are, the greater value they have. Some also have variants like 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 artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. One popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and the 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.
At present, you can select among five selling options. These are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware 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 sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Virtual Real Estate Nft
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 examine the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Virtual Real Estate Nft
They also offer a range of digital currency, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it is decentralized and has one of the largest NFT selections, it has some 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 sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Virtual Real Estate Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they fluctuate at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through the contact page. Go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they change from time to time.