OpenSea has become one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch a video instead, take a look at this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? C Nftw
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even older technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be sold or collected. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. Today it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters, or even virtual lands. A popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the price for the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a 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 the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through 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 listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some 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.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or transfer funds. C Nftw
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted 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 look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. C Nftw
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is 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 decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ C Nftw
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Just go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also check out 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 funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach through its contact forms. Go to the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from 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 change from time to time.