OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth since 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 becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at videos instead, take a look at the channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like the written word, go over what it is before we look into its fees 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 the article for a more comprehensive review.
What is OpenSea? Erc721 Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk 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 open an account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even old technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or collected. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. As of today, you can also do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR environments and components can now also be bought. You can buy these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples are 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 from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select among five selling options. The choices are:
The seller will be the one to charge the price for the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the methods of payment?
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 your cryptocurrencies into cash. This means that you can’t use PayPal, credit, or debit cards to pay or transfer funds. Erc721 Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Erc721 Nft
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it’s open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Erc721 Nft
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via its contact forms. Just go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they change 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 you can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Just go to their website, and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, which means they constantly change from time to time.