OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it right 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 a video instead, take a look at this channel’s review. They will guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like the written word, go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 100
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises 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 such as baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, digital pets, or any other characters that could be sold or collected. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. In the present it is possible to do the same with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game objects and the VR environment virtual objects, characters and even virtual land. One popular illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller is the one who will be charged the price for the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to 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 to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create 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, debit, or debit cards for payment for or transfer funds. Nft 100
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft 100
They also offer several types of digital currency, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft 100
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 on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via their contact form. Go to their website, and look on the page 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 the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, therefore they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Go to their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they constantly change from time to time.