OpenSea is now one of the leading platforms for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced 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 an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will help you get the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like the written word, look over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out 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 On Steam
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their 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 game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among 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 that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying 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 the users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, digital pets or other characters that can be sold or collected. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT was invented. In the present, you can also do the same with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR environments and components can now also be bought. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual lands. One popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and 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 gas fee.
Currently, you can choose among five selling options. They are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary 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 instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards for payment or transfer funds. Nft On Steam
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nft On Steam
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Additionally, 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 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft On Steam
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Just go to the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.