OpenSea has grown to become one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea is always the leading 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 watch a video instead, take a look at this channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look over the basics before we examine its costs and the benefits it offers.
Before you continue, you may want to watch 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.
What is OpenSea? 4 Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who 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.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is successful your digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, virtual pets, or any other characters that could be traded or taken home. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. Today, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known instance can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. 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 by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to charge the cost of the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
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. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers receive up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit and debit card to make payments or transfer funds. 4 Nft
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can 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, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. 4 Nft
They also offer several types of digital currency, making them one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it is open source and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as 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 on the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ 4 Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to 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, but you can also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Visit the official site and look 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 then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.