OpenSea has become one of the leading markets for NFTs. It’s also 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 an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Marketplace
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve 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 the users, not by the platform. Since they are 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 completed, your digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can gather avatars, virtual pets, or other characters that can be sold or collected. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. In the present, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters and even virtual land. A popular illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific 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 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 post them in the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one to pay the price for the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid 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 multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional 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. Also, you are not able to use PayPal credit or debit cards to pay for or deposit. Nft Marketplace
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes 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 blockchain or coding. Nft Marketplace
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Marketplace
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through the contact page. Visit their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs 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 prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the 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 begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Just go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, which means they fluctuate every now and then.