OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer the written word, go over what it is before we look into its fees and what it can 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 our article for a more comprehensive review.
What is OpenSea? New Future Transportation (Nft)
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. 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 individuals were interested in collecting items like baseball cards, film props, or the older technologies.
For NFTs, you can collect avatars, virtual pets, and other characters that can be traded or taken home. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT became a reality. Today you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge 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. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or transfer funds. New Future Transportation (Nft)
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with 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 when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. New Future Transportation (Nft)
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s open source and has one of the largest NFT collections, it has some 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.
You will also need to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range 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 worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ New Future Transportation (Nft)
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Just go to the official site and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. 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. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using 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 sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they fluctuate from time to time.