OpenSea has become one of the top markets for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at a video instead, check out this channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go 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. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? 1/4 Nft Nut
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
For NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or taken home. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. In the present it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards like those of Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual worlds. A popular illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. 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 the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers get as much as 15% commissions for items they’ve sold.
What are the methods of payment?
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 your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards for payment for or make a deposit. 1/4 Nft Nut
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that 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 has no centralization, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. 1/4 Nft Nut
They also offer several types of digital asset, which makes it one of the biggest NFT marketplaces. Low platform costs are also a great method to make more money.
While it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct 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 could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ 1/4 Nft Nut
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team can be reached via the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.