OpenSea has become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s look over the basics before we go over the costs 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Build A Vertical Nft System
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded 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, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful 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 supported wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, digital pets or other characters that can be sold or collected. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. Today, you can also make the same thing with digital art. It’s not just 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 those of Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. One popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 post them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller is the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and lists the minimum price. This is in contrast to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards to pay for or deposit. How To Build A Vertical Nft System
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. How To Build A Vertical Nft System
They also offer a range of digital currency, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it is open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ How To Build A Vertical Nft System
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Visit the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.