OpenSea has grown to become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll walk users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Distribution
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs 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 began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as 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 sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
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 this platform belong to users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can gather avatars, digital pets or any other characters that could be traded or taken home. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. Today you can make the same thing with digital artworks. It’s not 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 as well as BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. A popular illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to 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 post your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and 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 fee for gas.
Currently, you can choose among five selling options. These are:
The seller will be the one to pay the price that is the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they have agreed 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 with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers are paid as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or deposit. Nft Distribution
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Distribution
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
While it is decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Distribution
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, therefore they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Visit the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.