OpenSea is now one of the leading markets for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer the written word, look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch 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? Difference Between Nft And Exfat
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars, virtual pets, or any other characters that could be traded or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. In the present it is possible to create digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR spaces and 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 lands. A well-known example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller will be the one who will be charged the price that is the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
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. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers get up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or make a deposit. Difference Between Nft And Exfat
The NFTs can be purchased or traded when your cryptocurrency 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Difference Between Nft And Exfat
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s open source and has one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Difference Between Nft And Exfat
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit the official site and look for “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 then add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through its contact forms. Visit the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change from time to time.