OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will provide the leverage you require. That’s why we made 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 a long read. If you’d prefer to watch videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out 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 of OpenSea.
What is OpenSea? Why Nfts Are Bad
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or acquired. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. As of today you can make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or 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 purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller will be the one to charge the cost of the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or make a deposit. Why Nfts Are Bad
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Why Nfts Are Bad
They also offer a range of digital asset, which makes their platform one of the most popular 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 most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Why Nfts Are Bad
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via the contact page. Go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through its contact forms. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they change at regular intervals.