OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, look over what it is before we go over the costs and what it has to offer.
Before you go on, 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? Mirror Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 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 among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could 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 popular NFT, even before NFT became a reality. In the present it is possible to create digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to 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 need to do is to list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the cost of the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments or transfer funds. Mirror Nft
The NFTs can only be purchased or sold if your cryptocurrency is supported 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Mirror Nft
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Mirror Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with 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 with money to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach through their contact form. Just go to their website, and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.