OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft As Certificate Of Authenticity
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 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 one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars, digital pets, and other characters that can be sold or collected. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select among five selling options. These are:
The seller will be the one to charge the cost of the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction 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 through the marketplace.
If you’re looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers are paid as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment for or transfer funds. Nft As Certificate Of Authenticity
The NFTs can only be purchased or sold if your cryptocurrency is accepted 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 drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft As Certificate Of Authenticity
They also offer several types of digital asset, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it’s decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft As Certificate Of Authenticity
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Visit the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, therefore they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they constantly change every now and then.