OpenSea is now one of the leading marketplaces for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will provide the leverage you require. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to watch a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll go over the basics before we examine its costs 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Physical Asset
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by users, not by the platform. Because they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to 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 have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or acquired. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. As of today, you can also do the same with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters and even virtual land. A well-known illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and the 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 one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller will be the one who will be charged the price for the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is 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 certain NFTs earn extra commissions. For instance, game designers get as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or deposit. Nft Physical Asset
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Physical Asset
They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good method to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Physical Asset
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Just go to the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. 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 costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.