OpenSea is now one of the most popular platforms for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to watch videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll look over what it is before we examine its costs 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Near Nft Platform
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on this platform belong to the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs are available 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 take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes 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 were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets or other characters that can be traded or acquired. The more rare 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 sought-after NFT, even before NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. 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 on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller will be the one to pay the price 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 fluctuate over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid 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 under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally 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 only need to pay 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost competitive.
However, you have to be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem is costly. The 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 conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid up to 15% as commissions on the products 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 convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay for or transfer funds. Near Nft Platform
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Near Nft Platform
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Near Nft Platform
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via their contact form. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and 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 check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Just go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they change at regular intervals.