OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d rather take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer the written word, look through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch 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 Display Screen
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or older technology.
As for NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or acquired. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. As of today you can create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses or other things like game elements and the VR environment characters, virtual objects and even virtual land. One popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller will be the one to pay the price of the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or deposit. Nft Display Screen
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Display Screen
They also provide a variety of digital asset, making them one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is open source and has one of the largest NFT collections, it still has its 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.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
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 is an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Display Screen
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through its contact forms. Just go to their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through its contact forms. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by 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, therefore they fluctuate at regular intervals.