OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go over what it is before we examine its costs 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nautical Map OpenSea
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. 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 people were investing in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be traded or taken home. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. As of today it is possible to create digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased 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 list your products on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers get as much as 15% as commissions for the 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 crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or make a deposit. Nautical Map OpenSea
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain or coding. Nautical Map OpenSea
They also offer several types of digital assets, making their platform one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nautical Map OpenSea
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Visit the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free, but you can also go through 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 funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Just go to their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, so they constantly change at regular intervals.