OpenSea is now one of the top platforms for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather watch a video instead, you can check out the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go over what it is before we go over the costs 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Binance Nft Market
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users 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 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your account. 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 look for NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or the older technologies.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or acquired. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A well-known illustration is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller is the one to charge the cost that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very high prices. With time, the value will decrease until it is 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 is required to put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards for payment or make a deposit. Binance Nft Market
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 has no centralization, 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. Binance Nft Market
They also provide a variety of digital currency, making it one of the largest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Although it’s open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Binance Nft Market
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via the contact page. Go to the official site and look at “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 the item to your collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, therefore they fluctuate 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 utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they constantly change every now and then.