OpenSea is now one of the leading platforms for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Over
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded 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 one of the 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 expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or old technology.
As for NFTs, you can collect avatars and digital pet, or other characters that can be traded or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. In the present it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR space and other elements can be purchased. You can buy these metaverses and other things like game objects and the VR environment characters, virtual objects and even virtual land. A well-known example is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you have to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. Your 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 be based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or transfer funds. Nft Over
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Over
They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
While it is decentralized and offers one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Over
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through its contact forms. Visit their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate at regular intervals.