OpenSea has grown to become one of the top platforms for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like the written word, look over what it is 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 Athens
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange 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 helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters 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.
For NFTs, you can collect avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. As of today you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters and even virtual land. One popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers typically set up very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers receive 15 percent or more as commissions for the items 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, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Nft Athens
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Nft Athens
They also provide a variety of digital asset, making their platform one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Athens
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via their contact form. Go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Just go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they fluctuate every now and then.