OpenSea is now one of the top platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will 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 this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Oasis
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is successful, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their browser to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or taken home. 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 sought-after NFT since before NFT was invented. In the present, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports are also available, like animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also 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 selling options?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. These are:
The seller is the one to charge the price that is the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set expensive 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 is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent 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 may also receive an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers receive up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like 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, debit, and debit card to make payments or make a deposit. Nft Oasis
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of 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 take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Nft Oasis
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Oasis
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Just go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Visit the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.