OpenSea is now one of the top platforms for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Ruleset
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
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 that are listed on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, and other characters that can be sold or taken home. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. In the present it is possible to create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as 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 options for selling?
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 that your account is linked. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller will be the one to charge the price for the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you 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 percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards for payment for or deposit. Nft Ruleset
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Ruleset
They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
You will also need 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 odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Ruleset
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Visit their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring 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 constantly change from time to time.