OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform over 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 their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to watch 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 Certificate
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s review of each.
Music could be among 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 is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, you can collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. In the present it is possible to make the same thing with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type 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. The choices are:
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will decrease over time. Sellers generally set expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. 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 is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells 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 via the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or deposit. Nft Certificate
The NFTs can only be bought or sold when 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in coding or blockchain. Nft Certificate
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to earn more income.
While it is decentralized and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency 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 can cater to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears 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 Certificate
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through the contact page. Visit the official site and look for “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 an item in your inventory. If you’re ready for selling them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they constantly change every now and then.