OpenSea has become one of the most popular markets for NFTs. It was the first to release such a platform throughout 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 their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to watch videos instead, you can check out this channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like to read, let’s look over what it is before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Binamon
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them 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 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even old technology.
For NFTs, you can collect avatars and digital pet or other characters that can be sold or taken home. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT was invented. In the present it is possible to create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses or other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be 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 your products on OpenSea is easy. All you need to do is post them in the marketplace. You only have to ensure that your wallet is connected. 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.
At present, you can select among five selling options. These are:
The seller is the one to charge the cost of the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or transfer funds. Nft Binamon
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Nft Binamon
They also provide a variety of digital asset, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Binamon
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can 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, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Visit their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they fluctuate every now and then.