OpenSea has become one of the leading marketplaces for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading 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 take a look at a video instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look over what it is before we look into its fees 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Humble Nft Marketplace
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a 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, beats, vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or acquired. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT became a reality. Today, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual worlds. A popular example could 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 can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. These are:
The seller is the one to charge the cost of the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could 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 exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this 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 some NFTs charge extra commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
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, debit, or debit cards to pay or transfer funds. Humble Nft Marketplace
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Humble Nft Marketplace
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need 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 why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Humble Nft Marketplace
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via its contact forms. Just go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post 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 costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via its contact forms. Visit the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change at regular intervals.