OpenSea has become one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea is always the top 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’d rather take a look at videos instead, check out the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? B.20 Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT came to be. As of today it is possible to make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, and even virtual land. A well-known instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from 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 in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller is the one to charge the price that is the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or deposit. B.20 Nft
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that 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 when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. B.20 Nft
They also offer a range of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it’s decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ B.20 Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via their contact form. Visit their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, so they constantly change from time to time.