OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer the written word, 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Autograph Nft Company
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in 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 first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or acquired. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. As of today it is possible to create digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller will be the one who will be charged the price that is the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to 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 exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers are paid as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay for or make a deposit. Autograph Nft Company
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Autograph Nft Company
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service 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.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range 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 transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Autograph Nft Company
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the 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 get started.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
These are transactions costs 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. The prices are driven by the market, so they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Just go to their official website and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they fluctuate at regular intervals.