OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at a video instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer to read, let’s go through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out 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 of OpenSea.
What is OpenSea? 3 Nfta
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you require is to 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 have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s examine 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 of beats, remixes or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or older technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or acquired. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. In the present it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific 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 by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller will be the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
For 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, 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 agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. 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 need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments for or make a deposit. 3 Nfta
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. 3 Nfta
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it’s decentralized and has one of the largest NFT selections, it has some 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.
You will also need to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ 3 Nfta
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through their contact form. Just go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, so they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through their contact form. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they constantly change from time to time.