OpenSea is now one of the top platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you prefer to watch a video instead, you can check out this channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s look over the basics before we go over the costs 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Use Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell 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 established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit 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 quite similar.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever 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 such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, digital pets or other characters that can be traded or acquired. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. As of today it is possible to do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items such as game items, the VR environment, characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller will be the one to pay the price for the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers generally set expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers get as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay or deposit. How To Use Nft
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. How To Use Nft
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ How To Use Nft
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via the contact page. Go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is 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 fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach via their contact form. Go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.