OpenSea has become one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll look over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft 304 54/1
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your account. 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 look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, you can gather avatars, digital pets, and other characters that can be traded or acquired. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. In the present you can do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A well-known instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller will be the one who will be charged the price of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment for or make a deposit. Nft 304 54/1
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft 304 54/1
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft 304 54/1
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through their contact form. Visit their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.