OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform throughout the years. It’s 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 interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch a video instead, check out the channel’s review. They’ll walk you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Exhibition
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or taken home. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. As of today it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. One popular illustration could be Axie Infinity.
As bizarre 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 considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. It’s all you have to do is 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 who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller is the one to pay the price for the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers receive as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or transfer funds. Nft Exhibition
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to 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 when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Nft Exhibition
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it’s decentralized and offers one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Exhibition
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Just go to their official website and search at “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 it to the collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Just go to the official site and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using 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 them, put them up for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, therefore they change every now and then.