OpenSea has grown to become one of the top markets for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you prefer to watch a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? 7/16 Npt
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is 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. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with 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, your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, digital pets, or any other characters that could be traded or collected. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. Today, you can also do the same with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, and even virtual land. A popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one to charge the price of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost affordable.
However, you must understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit or debit cards to pay or make a deposit. 7/16 Npt
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. 7/16 Npt
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
While it is decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ 7/16 Npt
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via the contact page. Visit their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Visit the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they change from time to time.