OpenSea is now one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to watch a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll look over the basics before we go over the costs 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Can Nfts Be Physical
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
If the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or collected. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. Today you can do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from 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. It’s all you have to do is ensure 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 subjected to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you have to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based 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 have additional commissions. For instance, game designers are paid up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards to pay or make a deposit. Can Nfts Be Physical
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Can Nfts Be Physical
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Can Nfts Be Physical
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to 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. Go to their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change at regular intervals.