OpenSea is now 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 seen 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 enthusiasm. As art is increasingly 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. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch a video instead, check out the review of this channel. They will guide the user through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Series
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet, or other characters that can be traded or collected. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
You can also collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to pay the cost of the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs under 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 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. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Series
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Nft Series
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Although it’s open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Series
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it on your phone on the go, 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 get started.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via the contact page. Just go to their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it with your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via the contact page. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.