OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, check out the channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Flat Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in 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 very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not the platform. Because they’re 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 complete your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
For NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. As of today you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual worlds. A popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one to pay the cost that is the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or transfer funds. Flat Nft
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Flat Nft
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Flat Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it on your phone on the go, your browsers must work 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 staff?
Yes they have a customer support team that you can contact through 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 also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that 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 fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through its contact forms. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have 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 can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee 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, which means they fluctuate at regular intervals.