OpenSea has grown to become one of the top platforms for NFTs. It was the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like to read, let’s go over what it is 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Proteins
OpenSea offers a market for non-fungible tokens, also known 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, game items, and domain names.
It was created in the year 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 very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not 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 buy. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever 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, some people invested in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be sold or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. Today it is possible to create digital art. It’s not limited to digital illustrations or paintings. 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.
The digital objects associated with sports are also available, such as animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. One popular illustration could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains 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 on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller is the one to charge the cost of the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers generally set high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or transfer funds. Nft Proteins
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted 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 drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Proteins
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as 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 financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Proteins
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need 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 support staff that can be reached via the contact page. Visit their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.