OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since 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 looking to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to take a look at a video instead, check out the review of this channel. They will guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Why Nft Is Bad
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is successful, your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
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 simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. 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 has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. As of today you can make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, and even virtual land. One popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. 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 anyone. 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. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and the type of auction and you’re ready 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. The choices are:
The seller will be the one who will be charged the cost for the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
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 depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or make a deposit. Why Nft Is Bad
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Why Nft Is Bad
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds 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 industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Additionally, it doesn’t charge 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, both for NFT trading beginners or professionals.
FAQ Why Nft Is Bad
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via their contact form. Just go to the official site and search on the page for “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 an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via its contact forms. Just go to the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
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 offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.