OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea is always the leading 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 watch videos instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer the written word, look over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to watch 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.
What is OpenSea? Nft First Tweet
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, 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 established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even old technology.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or collected. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. Today, you can also do the same with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game elements, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller will be the one to pay the price for the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present 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 an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in 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 as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% cost affordable.
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. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot 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. Also, you are not able to make use of PayPal credit or debit cards to pay for or deposit. Nft First Tweet
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that 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 that come with 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 there is no prior experience or know-how in coding or blockchain. Nft First Tweet
They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft First Tweet
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through their contact form. Visit their website, and look 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 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 costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they change from time to time.