OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can give you the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll go over the basics 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Mcc Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or older technology.
For NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. In the present you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR environments and components can be purchased. You can buy these metaverses or other things like game elements and the VR environment virtual objects, characters and even virtual land. A popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the cost of the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price drops as time passes. 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 can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Mcc Nft
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to 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 can be decentralized which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Mcc Nft
They also offer a range of digital asset, making them one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
While it is decentralized and offers one of the largest 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.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Mcc Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Visit the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Just go to their official website and look 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 then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they change every now and then.