OpenSea has become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch videos instead, check out the review of this channel. They’ll guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like the written word, look over the basics before we look into its fees 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Whats Nft Mean
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your wallet. Moreover, you aren’t required to make 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 like 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. There are eight categories to which they typically fall into. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, digital pets or other characters that can be sold or acquired. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. In the present, you can also make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller is the one to charge the price of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards to pay or make a deposit. Whats Nft Mean
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Whats Nft Mean
They also provide a variety of digital currency, which makes their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
While it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Whats Nft Mean
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Just go to their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. 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 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 in accordance with the current market conditions, therefore they constantly change every now and then.