OpenSea is now one of the most popular platforms for NFTs. It’s also the first to launch a platform like this 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 an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d rather watch a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go through what it is prior to we examine its costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Displays
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. 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 like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or collected. 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 since before NFT came to be. In the present it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports are also available, like animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters and even virtual land. A popular instance could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
The seller will be the one who will be charged the price of the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers get as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create 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 or debit cards to pay for or make a deposit. Nft Displays
The NFTs can be purchased or sold when 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 look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Displays
They also offer several types of digital asset, making them one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it is decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent 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 Displays
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as 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 an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions 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. Prices are determined by the market, therefore they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach through its contact forms. Go to the official site and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they fluctuate from time to time.