OpenSea is now one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen 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 their 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 provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn 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’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like to read, let’s look over the basics before we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft 3D Models
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade 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 began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete the digital assets will never leave your account. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. There are filters that can simplify 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 take a closer review of each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be traded or collected. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. Today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR space and other elements can be purchased. You can buy 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 can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller is the one who will be charged the price for the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you have to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which 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. Nft 3D Models
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted 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 disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Nft 3D Models
They also offer a range of digital assets, which makes their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been 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 be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft 3D Models
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Just go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they fluctuate from time to time.