OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can give you 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 start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They will guide you through OpenSea and its functions so you’re aware of 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 watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Exchange
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even older technology.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be sold or collected. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT was invented. Today, you can also make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game objects 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 are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the price that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. The 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 around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
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. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or deposit. Nft Exchange
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Nft Exchange
They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.
While it is decentralized and has one of the most diverse NFT selections, it still has some 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.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds 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. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonableconsidering that 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
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via its contact forms. Visit their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Go to their official website and search 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 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 can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they change from time to time.