OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with 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 most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you prefer to take a look at a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look through what it is prior to 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Best Nft Exchange
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even older technology.
For NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold 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 sought-after NFT prior to when NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual lands. A well-known example can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
But, it is important to be aware that certain NFTs have higher transaction charges 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 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Best Nft Exchange
The NFTs can only be purchased or traded when your cryptocurrency is supported 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 benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Best Nft Exchange
They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Although it’s decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Best Nft Exchange
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Visit the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it on 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 topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Just go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need 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 but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.