OpenSea is now one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using 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 is always the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we examine its 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Which Is Better Gel Or Wax
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. Today it is possible to create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A well-known example could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on 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 are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted 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 anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Which Is Better Gel Or Wax
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 take a look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Which Is Better Gel Or Wax
They also offer a range of digital currency, making their platform one of the largest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range 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 make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Which Is Better Gel Or Wax
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. You also need to 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 do have a support team you can reach via their contact form. Just go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach through its contact forms. Visit their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they fluctuate every now and then.