OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to watch a video instead, check out this channel’s review. They will guide the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer the written word, go over the basics before we look into its fees and what it can offer.
Before you go on, 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 of OpenSea.
What is OpenSea? 8Fit Reviews Vs Nft
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to make your 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 browser to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be sold or taken home. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. In the present you can create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay for or make a deposit. 8Fit Reviews Vs Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. 8Fit Reviews Vs Nft
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service 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 transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ 8Fit Reviews Vs Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via their contact form. Visit the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction 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 periodic fees. The price is determined through the marketplace, so they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through the contact page. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have 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 auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, therefore they constantly change at regular intervals.