OpenSea has become one of the most popular platforms for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Streams Reddit
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited 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 facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. You can also purchase 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 old technology.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or taken home. The rarer they are the greater value they 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 became a reality. Today, you can also make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game objects and the VR environment virtual objects, characters, or even virtual lands. A well-known example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller will be the one to pay the cost that is the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers usually set very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you want 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 normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid 15 percent or more as commissions for 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. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit and debit card to make payments for or make a deposit. Nft Streams Reddit
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Streams Reddit
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as 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 establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Streams Reddit
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via the contact page. Visit their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee 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 from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they change every now and then.