OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind 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 famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to watch videos instead, you can check out the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? 4 Inch Nft Trays
OpenSea provides a platform that deals in non-fungible tokens, also referred to 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 restricted to art, music, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or taken home. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. Today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the price that is the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, and debit card to make payments for or deposit. 4 Inch Nft Trays
The NFTs can be purchased or sold 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. 4 Inch Nft Trays
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Although it is open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ 4 Inch Nft Trays
What do I need so I can use OpenSea?
OpenSea offers a mobile and 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. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users 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 a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through its contact forms. Go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they constantly change from time to time.