OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen 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 planning to invest with NFTs, then starting from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll go through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Drops Today
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase 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 is among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. Today you can create digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A well-known instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as 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 your products on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and type of auction, you’re good 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 among five selling options. These are:
The seller will be the one to charge the cost 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 fall in the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings 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 kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost competitive.
However, you have to be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get up to 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 crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay or make a deposit. Nft Drops Today
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Drops Today
They also offer several types of digital asset, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Drops Today
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser through your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via 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 make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Go to their official website and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees 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 periodic fees. Prices are determined through the marketplace, which means they constantly change from time to time.