OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you require. 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 start this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Guide Atlanta Paul Francis
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a examine each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet and other characters that can be sold or collected. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. Today you can do the same with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards such as those of Sorare or BCCG.
Sports-related digital items are also available, like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects or even virtual lands. A well-known instance could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. 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 from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid 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 in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers get 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards for payment for or transfer funds. Nft Guide Atlanta Paul Francis
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Guide Atlanta Paul Francis
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Guide Atlanta Paul Francis
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Go to their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they constantly change every now and then.