OpenSea has become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d rather take a look at a video instead, check out this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Conferences
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and 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 among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave 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 use their search engine to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or acquired. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. As of today, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. One popular illustration could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
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 per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
However, you have to be aware 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 standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the 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 charge extra commissions. For instance, game designers are paid up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards for payment or transfer funds. Nft Conferences
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and almost 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 Conferences
They also offer a range of digital asset, which makes it one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it’s decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Conferences
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via their contact form. Go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through the contact page. Go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, so they constantly change from time to time.