OpenSea is now one of the most popular platforms for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look over what it is before we look into its fees 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Non-Fungible Token
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and 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 games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they are an open marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is 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 make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can collect avatars, digital pets, and other characters that can be traded or taken home. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. Today, you can also create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. One popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller will be the one who will be charged the cost of the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. 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 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers get up to 15% as commissions for items they’ve sold.
What are the payment methods?
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. That also means you cannot use PayPal credit or debit cards for payment for or transfer funds. Nft Non-Fungible Token
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Non-Fungible Token
They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces 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 Non-Fungible Token
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via their contact form. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds 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.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through the contact page. Visit their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they fluctuate at regular intervals.