OpenSea is now one of the top platforms for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer the written word, go over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out 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 of OpenSea.
What is OpenSea? Nft Axie
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is 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 sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you need is to have a web3-enabled 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 aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or old technology.
For NFTs, you can collect avatars and digital pet, or other characters that can be traded or taken home. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. In the present you can make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular example is Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. 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. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller is the one to pay the cost for the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or deposit. Nft Axie
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. Nft Axie
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that 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 Axie
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via their contact form. Just go to their official website and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, therefore they constantly 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 use. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, which means they change from time to time.