OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll go 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Conference
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 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.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be traded or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. In the present, you can also create digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. One popular illustration is 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 classified as NFT. It is possible to purchase blockchain-based domains 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 your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
For first-time sellers who are 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 will be the one to pay the price that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you must understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Conference
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Conference
They also offer a range of digital currency, which makes their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. 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 cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Conference
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using 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. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team can be reached via its contact forms. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via the contact page. Go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.