OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather watch a video instead, check out the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go over what it is before we go over the costs and the benefits it offers.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Musical
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in the year 2018 in 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 and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your account. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars, virtual pets, or other characters that can be traded or acquired. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. In the present, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A well-known example can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one who will be charged the price for the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very expensive 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 agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase 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 percent fee competitive.
However, you have to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards for payment for or transfer funds. Nft Musical
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Musical
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Musical
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via their contact form. Just go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through their contact form. Visit their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change from time to time.