OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest 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 has always been the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s go over the basics before we go over the costs and what it can offer.
Before you go on, 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 Architecture
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not by the platform. Since they are an open marketplace, they have smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or older technology.
For NFTs, you can gather avatars, digital pets or any other characters that could be sold or taken home. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. Today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A popular illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by 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 to list them in the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller will be the one to charge the cost for the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. In 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 mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or make a deposit. Nft Architecture
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Architecture
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Although it’s open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Architecture
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support team can be reached via their contact form. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through its contact forms. Visit their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they change every now and then.