OpenSea has become one of the most popular markets for NFTs. It was the first to introduce a platform of this kind 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 other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, take a look at the review of this channel. They will guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees and what it has to offer.
Before you go on, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Fantasy
OpenSea offers a market 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 games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be traded or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. In the present it is possible to create digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. One popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 post them in the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the price that is the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards for payment for or deposit. Nft Fantasy
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft Fantasy
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Fantasy
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, your 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 begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Visit their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it through your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through their contact form. Go to their official website and search for “Submit a request.”
Can you earn money 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. If you’re ready for selling 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. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, therefore they change at regular intervals.