OpenSea is now one of the top platforms for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, check out the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is before 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Fees Report
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, 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 a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets and other characters that can be traded or acquired. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT was invented. As of today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by 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 list your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller is the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment 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 want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you must understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary 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 certain NFTs earn additional commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay for or make a deposit. Nft Fees Report
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Fees Report
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it’s open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Fees Report
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that 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 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 have a customer support team that you can reach via its contact forms. Just go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. 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 check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser on your mobile phone, the 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 team?
Yes, they have a support team that you can contact through the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once 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?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they change at regular intervals.