OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to watch a video instead, you can check out this channel’s review. They’ll guide you 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 the basics before we look into its fees and what it can offer.
Before you go on, 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 the article for a more comprehensive review.
What is OpenSea? Nft Reddit Streams
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously 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 this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed your digital assets will never leave your account. In addition, you don’t have to open an 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 prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars, digital pets, and other characters that can be traded or collected. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. Today it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters and even virtual land. One popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one to charge the price of the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments or deposit. Nft Reddit Streams
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 can be decentralized making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Reddit Streams
They also offer several types of digital asset, making it one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Reddit Streams
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. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via the contact page. Go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they fluctuate every now and then.