OpenSea has grown to become one of the top platforms for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitized, 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. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is lengthy. If you prefer to take a look at a video instead, take a look at the channel’s review. They will guide the user through OpenSea and its features so that you understand 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 go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Personality
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or taken home. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. In the present, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be 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. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller is the one to charge the price for the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via 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 listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are 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 you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to know 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 from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Personality
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can 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 can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about blockchain or coding. Nft Personality
They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
While it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Personality
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team can be reached via the contact page. Go to their official website and search on the page for “Submit a request.”
Can you mint 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. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through the contact page. Just go to their 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 it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change every now and then.