OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s go over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to check out 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 of OpenSea.
What is OpenSea? When Nft Started
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. In addition, you don’t have to make your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, 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, it is possible to collect avatars, virtual pets or any other characters that could be traded or collected. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. As of today, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A well-known instance could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells it 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 via the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot 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. Also, you are not able to use PayPal, credit, and debit card to make payments or transfer funds. When Nft Started
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. When Nft Started
They also provide a variety of digital assets, which makes it one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it’s open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ When Nft Started
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Just go to their official website and look for “Submit a request.”
Are you able to make 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. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through their contact form. Just go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they change at regular intervals.