OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like the written word, look over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Racks
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
If the transaction is completed the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or taken home. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. Today it is possible to create digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters and even virtual land. A well-known example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller is the one to charge the price for the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers get as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or make a deposit. Nft Racks
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Racks
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it is decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Racks
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do 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.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through the contact page. Go to their official website and search at “Submit a request.”
Are you able to make 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, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they fluctuate from time to time.