OpenSea is now one of the top markets for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice 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 videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer to read, let’s go over the basics before we examine its costs 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Foundation App Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not restricted 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 such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars, digital pets or any other characters that could be sold or acquired. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. As of today you can create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. One popular instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the 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 gas fee.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they agree 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 drops over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell several 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 normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards for payment for or deposit. Foundation App Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets 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 benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Foundation App Nft
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Foundation App Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team can be reached via its contact forms. Visit their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs 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. Prices are determined through the marketplace, so they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it with your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Visit their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.