OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s look through what it is prior to 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Difference Between Nft And Copyright
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars, digital pets or any other characters that could be traded or acquired. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. In the present you can create digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments or transfer funds. Difference Between Nft And Copyright
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Difference Between Nft And Copyright
They also offer a range of digital asset, making it one of the largest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Difference Between Nft And Copyright
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via their contact form. Visit their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.