OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Server
OpenSea is a marketplace that deals in 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, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, you can collect avatars, digital pets, and other characters that can be traded or collected. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT came to be. In the present you can create digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters and even virtual land. A well-known example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller will be 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 sets a price that will decrease over time. Sellers generally set high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once 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 different from that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you want 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 additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or deposit. Nft Server
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Server
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Server
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on 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 fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via their contact form. Go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is 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, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, so they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via the contact page. Go to their official website and search for “Submit a request.”
Do you have the ability 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, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they change from time to time.