OpenSea is now one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate 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 the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go over what it is before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Museum
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be traded or collected. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. As of today it is possible to create digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
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, for example, animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects or even virtual worlds. A popular example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified 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 simple. All you have to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to pay the price of the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. 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. This is in contrast to the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between 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 be issued as a valid token that is non-fungible once 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.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers receive as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, and debit card to make payments or deposit. Nft Museum
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Museum
They also offer a range of digital assets, making them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Museum
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Go to their official 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 an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through the contact page. Visit their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.