OpenSea has become one of the leading platforms for NFTs. It was the first to launch a platform like this over 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 is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea has always been the leading 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 a long read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll look over what it is before we look into its fees and the benefits it offers.
Before you go on, 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 of OpenSea.
What is OpenSea? Nft Length
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the 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 like baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. As of today you can do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR environments and components can now also be bought. You can buy these metaverses or other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller will be the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment 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 are looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or make a deposit. Nft Length
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Nft Length
They also offer several types of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Length
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through the contact page. Just go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to 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 offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through its contact forms. Visit the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need 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 sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.