OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather take a look at videos instead, you can check out this channel’s review. They will guide the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the costs 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 our article for a more comprehensive review.
What is OpenSea? Nft Meaning Text
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things 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 ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is completed your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an 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 such as baseball cards film props, or old technology.
For NFTs, you can collect avatars, digital pets or other characters that can be sold or collected. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. As of today you can make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects and even virtual land. A popular example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as 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 your products on OpenSea is easy. All you need to do is to list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select among five selling options. These are:
The seller is the one to charge the price that is the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments or make a deposit. Nft Meaning Text
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Nft Meaning Text
They also offer several types of digital currency, which makes it one of the biggest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Although it is open source and has one of the largest NFT collections, it 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 using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Meaning Text
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through its contact forms. Visit their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through its contact forms. Just go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they change at regular intervals.