OpenSea has grown to become one of the top platforms for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go through what it is prior to 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? Dwc Vs Nft Yield
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. 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 that are listed on the marketplace are held by the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just 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 like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or old technology.
As for NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. In the present it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like those from Sorare or BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A well-known example could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller will be the one to charge the price of the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access 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 galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Dwc Vs Nft Yield
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Dwc Vs Nft Yield
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent method to earn more income.
While it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like 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 growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Dwc Vs Nft Yield
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser through 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 get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Just go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through its contact forms. Visit their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they constantly change from time to time.