OpenSea is now one of the leading platforms for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you prefer to watch a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll go through what it is prior to we examine its 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Mediu
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy 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 the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful, 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 have a web3 supported wallet.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
For NFTs, you can gather avatars, digital pets and other characters that can be traded or collected. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT was invented. Today it is possible to make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual worlds. A well-known instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. They are:
The seller is the one to pay the cost for the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important 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 sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments or make a deposit. Nft Mediu
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Nft Mediu
They also provide a variety of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Mediu
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, so they fluctuate from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via its contact forms. Visit their website, and look 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 an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they constantly change at regular intervals.