OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Exchange Platform
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music 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 helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to find NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, virtual pets, or other characters that can be sold or collected. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today you can create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include 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 options for selling?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers get 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or deposit. Nft Exchange Platform
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with 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 any experience or expertise in blockchain or coding. Nft Exchange Platform
They also provide a variety of digital asset, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Exchange Platform
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through the contact page. Go to their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.