OpenSea has become one of the most popular marketplaces for NFTs. It was the first to release such a platform in the past. It has experienced 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 curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we examine its 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. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Environment
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars and digital pet, and other characters that can be sold or taken home. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters, or even virtual lands. A well-known example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller will be the one to charge the price that is the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may 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 for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or transfer funds. Nft Environment
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Environment
They also offer a range of digital currency, which makes it one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Although it is open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
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 cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Environment
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Visit their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have 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 gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through its contact forms. Go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they fluctuate at regular intervals.