OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you prefer to watch a video instead, check out the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like to read, let’s go over what it is before we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft London Colney
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete the digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather avatars, digital pets and other characters that can be sold or acquired. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. As of today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual lands. One popular instance could be Axie Infinity.
As far-fetched as it sounds 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. 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 options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. These are:
The seller is the one to charge the price of the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very high prices. With time, the value 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 is sold after they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction 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 via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers get as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or transfer funds. Nft London Colney
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft London Colney
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
While it is decentralized and offers one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft London Colney
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via its contact forms. Go to the official site and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. 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 fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Just go to the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then 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 can also check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.