OpenSea has become one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. 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 enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can help you get 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 suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you prefer to watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we go over the 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Channel Canada
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by users, not by the platform. Since they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet, and other characters that can be sold or collected. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. Today you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. One popular illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller is the one to charge the cost of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes 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 will put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you have to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission 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 following the time your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment for or transfer funds. Nft Channel Canada
The NFTs can only be purchased or sold when your cryptocurrency is supported 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 examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Channel Canada
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Channel Canada
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Just go to the official site and look at “Submit a request.”
Do you have the ability to make money 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. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on 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 topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.