OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather take a look at videos instead, you can check out the review of this channel. They will guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we examine its costs and the benefits it offers.
Before you continue, 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 Now
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
If the transaction is complete the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine 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, beats, vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be sold or acquired. 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 sought-after NFT prior to when NFT came to be. Today, you can also do the same with digital artworks. This isn’t just 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 like those from Sorare or BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual lands. A well-known example can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller will be the one to pay the price 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 over the course of. Sellers typically set up very expensive 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 can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea You will only need 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 percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% commissions for 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 crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards to pay or make a deposit. Nft Now
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they 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 has no centralization, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Now
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent method to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it 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.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Now
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via its contact forms. Just go to the official site and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Go to the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they fluctuate every now and then.