OpenSea has grown to become one of the most popular markets for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we examine its costs 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Management Buildings
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or taken home. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today it is possible to create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A popular illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest 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. You can then sell them through the marketplace.
If you want to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you have to be aware 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 on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or deposit. Nft Management Buildings
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of 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 advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Management Buildings
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Management Buildings
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via their contact form. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, therefore they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, your browsers should 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 contact through the contact page. Visit their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.