OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will give you the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like to read, let’s look over the basics before 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Ben Rankin
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 NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
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 smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is completed your digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets and other characters that can be traded or collected. The more rare they are, the greater value they possess. 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. In the present, you can also create digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration is 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. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller is the one to pay the price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost affordable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers get 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards to pay for or make a deposit. Nft Ben Rankin
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Ben Rankin
They also provide a variety of digital currency, making their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Ben Rankin
What are the requirements I must meet before 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 must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Visit the official site and search at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them 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 fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they change at regular intervals.