OpenSea has become one of the most popular platforms for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, check out the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, look over what it is before 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Endcap
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to find NFTs 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 more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; 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.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, digital pets, and other characters that can be sold or acquired. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. As of today, you can also do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual worlds. A well-known example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller is the one who will be charged the price for the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers receive as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
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 the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or make a deposit. Nft Endcap
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with 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 drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Endcap
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Endcap
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through its contact forms. Go to the official site 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 be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
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 recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.