OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d rather watch a video instead, take a look at this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like to read, let’s go 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Definition
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got 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 an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at 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 an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or older technology.
As for NFTs, you can gather avatars, digital pets, and other characters that can be sold or collected. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. As of today 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 or images, as well as videos of short length.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to 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 items like game elements, the VR environment, virtual objects, characters or even virtual worlds. A well-known illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one to charge the price of the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost competitive.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Definition
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Definition
They also offer several types of digital assets, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
While it is decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Definition
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Visit the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, which means they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Just go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can 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. This is gas-free and easy but you could also look over their instructional videos.
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 is a one-time fee and recurring fees. The price is determined by the market, which means they fluctuate from time to time.