OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea is always 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 a long read. If you’d rather watch a video instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll go over what it is before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Donate To Ben Rankin Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now 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 purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or collected. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. As of today, you can also do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR space and other 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 characters, virtual objects or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be 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 easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to charge the cost of the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like 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. Also, you are not able to use PayPal, credit, or debit cards for payment for or make a deposit. Donate To Ben Rankin Nft
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 that come with using OpenSea.
OpenSea is decentralized, 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. Donate To Ben Rankin Nft
They also offer several types of digital asset, which makes it one of the most popular NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it is decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Donate To Ben Rankin Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via its contact forms. Go to their official website and search at “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 then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via its contact forms. Just go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they change every now and then.