OpenSea has grown to become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d 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 begin NFT trading.
If you prefer the written word, look over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? With Foundation Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your account. In addition, you don’t have to open an account. All you have to do is 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 prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the 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, film props, and even older technology.
As for NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT became a reality. In the present you can create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
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 like animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose 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.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
However, you must know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit and debit card to make payments or transfer funds. With Foundation Nft
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can 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 of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain or coding. With Foundation Nft
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying 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 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ With Foundation Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need 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. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they fluctuate from time to time.