OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? 2021 Nft Draft First Pick Overall
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 available NFTs are not limited to music, art game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Since they are an open marketplace, they use smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be sold or taken home. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT became a reality. As of today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. 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 as well as BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller is the one to pay the cost for the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee affordable.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional 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. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or make a deposit. 2021 Nft Draft First Pick Overall
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. 2021 Nft Draft First Pick Overall
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
While it is open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to 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 market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ 2021 Nft Draft First Pick Overall
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Go to their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to 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 can also look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they change from time to time.