OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer the written word, go over the basics before we look into its fees and what it has to offer.
Before you go on, 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 the article for a more comprehensive review.
What is OpenSea? Dwc Vs Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, 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 established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is complete, your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can collect avatars and digital pet, and other characters that can be sold or collected. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual lands. One popular illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one to pay the price for the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost affordable.
However, you have to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards for payment for or transfer funds. Dwc Vs Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Dwc Vs Nft
They also provide a variety of digital currency, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Dwc Vs Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need 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 that you can contact through their contact form. Just go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through their contact form. Visit their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds 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 at regular intervals.