OpenSea is now one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like the written word, look through what it is prior to we go over the costs and the benefits it offers.
Before you continue, 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.
What is OpenSea? Nft Development
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever 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 the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to open an 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. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even the older technologies.
For NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. In the present it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters and even virtual land. A well-known example could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. 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 your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller will be the one who will be charged the cost 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 decrease in time. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs 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.
In addition, trading on Etheruem could be expensive. The NFT collection will 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.
You also need to know that some NFTs charge extra commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or transfer funds. Nft Development
The NFTs can be bought or sold only if the cryptocurrency you’re using 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 look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Development
They also provide a variety of digital assets, which makes their platform one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it’s open source and has one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Development
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. Just go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through the contact page. Go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. 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 that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.