OpenSea has grown to become one of the top platforms for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, check out this channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Legal Term
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to look for NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or collected. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. In the present, you can also make the same thing with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards like those from Sorare or BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. One popular instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, 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 charge the cost of the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree 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 decreases over time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit and debit card to make payments for or transfer funds. Nft Legal Term
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Legal Term
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Legal Term
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via its contact forms. Just go to their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the costs for gas?
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 by the market, therefore they fluctuate at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through its contact forms. Visit their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they change every now and then.