OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform over the years. It’s seen 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 interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will help you get the leverage you need. That’s why we made this review – OpenSea has been for a long time the top 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 a long read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you like the written word, look through what it is prior to we examine its costs 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Flicks
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in the year 2018 by 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 and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, digital pets or other characters that can be traded or taken home. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. In the present it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
Sports-related digital items can also be collected like animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller is the one to pay the price of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.
However, you must know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit and debit card to make payments or deposit. Nft Flicks
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Flicks
They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it is open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is 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. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Flicks
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also 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 has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.