OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Pyramid Design
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT became a reality. In the present you can do the same with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. One popular illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and type of auction then you’re all set.
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 five options for selling. The choices are:
The seller is the one to charge the price for the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers get up to 15% commissions for items 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 the cryptocurrencies to cash. Also, you are not able to use PayPal credit and debit card to make payments for or deposit. Nft Pyramid Design
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Pyramid Design
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Pyramid Design
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. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Visit their website, and look at “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 an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Visit the official site and search for “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 add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges 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. Prices are determined through the marketplace, therefore they change every now and then.