OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather watch videos instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features 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 look into its fees 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Dft To Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars and digital pet or other characters that can be traded or collected. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT came to be. As of today you can create digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular instance can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller will be the one to charge the price of the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present 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 an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost affordable.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more commissions for the items 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments or make a deposit. Dft To Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 has no centralization, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Dft To Nft
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Dft To Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their official website and look 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 add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they constantly change every now and then.