OpenSea is now one of the top marketplaces for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their 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 provide the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft A Tweet
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even old technology.
For NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or acquired. 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 sought-after NFT, even before NFT came to be. In the present, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, and even virtual land. A well-known instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
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 cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or transfer funds. Nft A Tweet
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft A Tweet
They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it is decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much 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 A Tweet
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through the contact page. Go to their website, and search at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser 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 topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through their contact form. Go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.