OpenSea has grown to become one of the top markets for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the top 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 take a look at videos instead, check out the review of this channel. They will guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go over what it is before we look into its fees and what it has to offer.
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 the article for a more comprehensive review.
What is OpenSea? Nft Draft Preview
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest 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 post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Since they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or acquired. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. Today, you can also make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters and even virtual land. One popular instance could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller will be the one to pay the cost for the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers generally set expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a 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 will decrease with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as commissions for the items 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 your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or deposit. Nft Draft Preview
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to 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 has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Draft Preview
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Draft Preview
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Just go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, 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. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Just go to their website, and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.