OpenSea has grown to become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. 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 begin, we’d like to warn you. This review is quite lengthy. If you’d prefer to watch videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer to read, let’s go over the basics before we look into its fees and what it has to offer.
Before you go on, you may want to watch 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.
What is OpenSea? Nft Los Angeles 2021
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or collected. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. As of today it is possible to create digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual worlds. One popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to 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 in the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller is the one who will be charged the price of the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction 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 want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales 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 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment or make a deposit. Nft Los Angeles 2021
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Los Angeles 2021
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service 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 customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Los Angeles 2021
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via the contact page. Go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.