OpenSea has become one of the leading marketplaces for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather watch videos 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 begin NFT trading.
If you like to read, let’s look through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Medium Vs Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Since they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars, digital pets and other characters that can be traded or taken home. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT was invented. In the present you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. A popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the cost of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you must understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers receive 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. That also means you cannot make use of PayPal credit and debit card to make payments for or transfer funds. Medium Vs Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Medium Vs Nft
They also offer a range of digital asset, making it one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Medium Vs Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Visit their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that 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. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Just go to their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling 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 costs for gas?
The gas fees refer to transaction costs 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 regular fees. Prices are determined by the market, therefore they constantly change from time to time.