OpenSea has become one of the leading markets for NFTs. It was the first 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 famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at a video instead, take a look at this channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and the benefits it offers.
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? Diy Aquaponic Nft Pvc Pipe Hole Spacing
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. As of today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified 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 list them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one who will be charged the cost that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts 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 drops over time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve 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 through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers are paid up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay or transfer funds. Diy Aquaponic Nft Pvc Pipe Hole Spacing
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains 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 benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Diy Aquaponic Nft Pvc Pipe Hole Spacing
They also offer several types of digital currency, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
While it is decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. 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 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Diy Aquaponic Nft Pvc Pipe Hole Spacing
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Go to their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via its contact forms. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they constantly change every now and then.