OpenSea is now one of the most popular platforms for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like to read, let’s go through what it is prior to we look into its fees 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Cryptocurrency
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. 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 an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, or older technology.
For NFTs, you can collect avatars, virtual pets, or other characters that can be sold or collected. 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, even before NFT became a reality. As of today, you can also do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from 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 on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay or make a deposit. Nft Cryptocurrency
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Nft Cryptocurrency
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
While it is open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Cryptocurrency
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via its contact forms. Visit their website, and look at “Submit a request.”
Are you able to 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. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, so they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through their contact form. Visit their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they constantly change from time to time.