OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will help you get the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, check out the channel’s review. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like to read, let’s look over the basics before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Worm Tea In Nft System
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in 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 among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be sold or collected. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. In the present you can create digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. A popular instance can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure 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 gas fee.
Currently, you can choose from 5 selling options. These are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments for or transfer funds. Worm Tea In Nft System
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Worm Tea In Nft System
They also offer a range of digital currency, which makes their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Worm Tea In Nft System
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via its contact forms. Just go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that 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 fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, which means they change from time to time.