OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is before we look into its fees 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 overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Can Nfts Be Videos
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. 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 of beats, remixes, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or old technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or collected. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. Today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. One popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller will be the one to pay the cost for the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost affordable.
However, you have to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay or deposit. Can Nfts Be Videos
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Can Nfts Be Videos
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides 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 financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Can Nfts Be Videos
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through the contact page. Go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through its contact forms. Visit the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make 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 but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs 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 recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.