OpenSea has become one of the leading platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Can Nfts Be Stolen
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs 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 began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
For NFTs, you can gather avatars, digital pets, and other characters that can be sold or taken home. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT came to be. Today you can make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses and other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified 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 your products on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller is the one to pay the price for the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees 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 be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards for payment or make a deposit. Can Nfts Be Stolen
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Can Nfts Be Stolen
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is 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.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and 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 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Can Nfts Be Stolen
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Visit their official website and search for “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 then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through the contact page. Just go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas 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 funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they change from time to time.