OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Exitronix Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, digital pets, or other characters that can be sold or taken home. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. As of today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller is the one to pay the cost for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may 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 the minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular 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. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost affordable.
However, you have to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or transfer funds. Exitronix Nft
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can 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, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Exitronix Nft
They also offer a range of digital assets, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Exitronix Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via the contact page. Just go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Just go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they constantly change from time to time.