OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather take a look at a video instead, take a look at this channel’s review. They will guide the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look through what it is prior to 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. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Launchpad
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is completed, your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be sold or collected. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. In the present you can do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual worlds. A popular instance is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as 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 on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller is the one to pay the cost for the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will 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 percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.
However, you must understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or deposit. Nft Launchpad
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft Launchpad
They also offer several types of digital assets, making them one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for 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 as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Launchpad
What do I need so I can use OpenSea?
OpenSea has a mobile and 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. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via the contact page. Just go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.