OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea is always 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’d rather watch a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll look through what it is prior to 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. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Github
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest 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 post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their browser to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, you can gather avatars, digital pets and other characters that can be traded or collected. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today you can do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual lands. A well-known example is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 your products on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. These are:
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Nft Github
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Github
They also offer several types of digital asset, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Github
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through its contact forms. Go to the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and 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 to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, so they fluctuate every now and then.