OpenSea is now one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular 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 prefer to watch videos instead, check out the channel’s review. They will guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer the written word, look through what it is prior to we go over the 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Where To Buy Nft Crypto
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars and digital pet or any other characters that could be traded or acquired. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. In the present you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only 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 anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or transfer funds. Where To Buy Nft Crypto
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Where To Buy Nft Crypto
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Where To Buy Nft Crypto
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Visit their official website and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, which means they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through the contact page. Visit their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, which means they change from time to time.