OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like to read, let’s look over what it is before we look into its fees and what it can offer.
Before you continue, you may want to watch 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? Best Offense In Nft 2021
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. 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 ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or collected. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. In the present, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, and even virtual land. A popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered 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 selling options?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the price for the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops with time. In 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 bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee affordable.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay or make a deposit. Best Offense In Nft 2021
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. Best Offense In Nft 2021
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it is decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Best Offense In Nft 2021
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Visit the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through their contact form. Visit their website, and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they constantly change from time to time.