OpenSea has become one of the leading platforms for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d rather watch videos instead, take a look at this channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Full Form Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is completed, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or older technology.
For NFTs, you can gather avatars, digital pets or any other characters that could be traded or taken home. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. Today it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A well-known instance could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller will be the one who will be charged the cost for the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive 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 multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit and debit card to make payments for or make a deposit. Full Form Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Full Form Nft
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Full Form Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can also 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 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 charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, which means they constantly change at regular intervals.