OpenSea has grown to become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind 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 an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll 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 review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Fashion
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest 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 post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even old technology.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be sold or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. As of today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A well-known example is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, 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 make a deposit. Nft Fashion
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Nft Fashion
They also offer a range of digital assets, making their platform one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
While it is decentralized and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Fashion
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via the contact page. Just go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also 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, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they change every now and then.