OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after 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 with NFTs, then starting from an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer the written word, 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 watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? How Do I Buy Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year 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 collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or acquired. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. Today it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR environments and components can be purchased. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. One popular example can 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 are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your wallet is connected. 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.
You can currently select from five options for selling. The choices are:
The seller will be the one to charge the cost that is the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can 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 different from auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or transfer funds. How Do I Buy Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. How Do I Buy Nft
They also provide a variety of digital currency, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent 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 crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. 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 variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores 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 How Do I Buy Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Go to the official site and search at “Submit a request.”
Can you 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, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Go to their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they change every now and then.