OpenSea has become one of the top platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you prefer to watch a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s look through what it is prior to we examine its costs and the benefits it offers.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? Nft A Fad
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking losing 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 create 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 can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s review of 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, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or acquired. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. As of today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered 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 easy. 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 the price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller will be the one to pay the price for the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, it 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 agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally 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 be charged 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee competitive.
But, it is important to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token 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 in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional 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, or debit cards for payment for or make a deposit. Nft A Fad
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft A Fad
They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
While it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft A Fad
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Visit the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet 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 contact through their contact form. Visit their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, which means they change from time to time.