OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can give you the leverage you require. This is the reason we created 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 a long read. If you’d rather watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go through what it is prior to we examine its costs and what it can offer.
Before you continue, 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? Get Started With Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet and other characters that can be traded or collected. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. As of today you can create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one to pay the cost for the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will 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 you a 5% per sale, which makes OpenSea’s 2.5% fee affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards for payment or deposit. Get Started With Nft
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Get Started With Nft
They also provide a variety of digital assets, making them one of the largest NFT marketplaces. The low platform fees are also an excellent 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. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Get Started With Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring 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 change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via the contact page. Go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.