OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at videos instead, check out the channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Lets Vs Nft Asset Blockchain
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to make 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 search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. 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, and even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, or any other characters that could be sold or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. As of today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, and even virtual land. One popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one to pay the cost for the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or make a deposit. Lets Vs Nft Asset Blockchain
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in coding or blockchain. Lets Vs Nft Asset Blockchain
They also provide a variety of digital asset, making their platform one of the largest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Lets Vs Nft Asset Blockchain
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. 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 need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Just go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
The gas fees refer to 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 periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.