OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Stand For
OpenSea offers a market for non-fungible tokens, 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, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection 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 work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave 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 look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where 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 restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or acquired. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters, and even virtual land. A well-known instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller will be the one who will be charged the price of the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional 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. Also, you are not able to make use of PayPal credit and debit card to make payments or transfer funds. Nft Stand For
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Stand For
They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Stand For
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, the 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 do have a support staff that you can contact through the contact page. Just go to their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can 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 them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, which means they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they fluctuate every now and then.