OpenSea has grown to 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 has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over what it is before we go over the 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’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? What Are Nft Stocks
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by 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 as new as cryptocurrencies.
It is now 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 list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Since 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 account. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to buy. 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 available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or older technology.
As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or collected. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. As of today, you can also create digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller is the one to charge the price of the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment 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 are looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or deposit. What Are Nft Stocks
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. What Are Nft Stocks
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ What Are Nft Stocks
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers must 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 have a support staff?
Yes they have a customer support team can be reached via their contact form. Visit their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Go to the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they constantly change every now and then.