OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to watch videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll look over the basics before we go over the costs 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 review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Sale
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or older technology.
As for NFTs, you can gather avatars, digital pets, or other characters that can be traded or taken home. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. As of today, you can also create digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual lands. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller is the one to pay the price of the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers receive up to 15% 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 the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or transfer funds. Nft Sale
The NFTs can only be purchased or traded when your cryptocurrency 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 look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Sale
They also offer several types of digital currency, making it one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Sale
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team can be reached via their contact form. Visit their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate 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 utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Visit the official site and search at “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 the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by 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 by the market, which means they constantly change every now and then.