OpenSea has become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like to read, let’s go over the basics before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Stage
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in 2018 in 2018 by 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 similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
For NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. In the present you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters and even virtual land. A well-known example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller will be the one to pay the price that is the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like 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. This means that you can’t make use of PayPal credit or debit cards to pay for or deposit. Nft Stage
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains 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 that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft Stage
They also provide a variety of digital currency, making it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Stage
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via its contact forms. Go to their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make 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 accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are 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, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to 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?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.