OpenSea has grown to become one of the leading markets for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we go over the costs 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Designer
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not 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 browser to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can gather avatars and digital pet, or other characters that can be sold or taken home. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. As of today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters and even virtual land. A popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains 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 easy. All you need to do is list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which 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 transfer funds. Nft Designer
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Designer
They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good method to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides 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 the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Designer
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Just go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through its contact forms. Just go to their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged 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, therefore they change from time to time.