OpenSea is now one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Syatem
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
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 these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be traded or collected. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT was invented. Today you can create digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one to pay the price for the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set high prices. With time, the value will decrease until it is equal to the buyer’s bidding. 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 for sale and will list a minimum price. This is different from the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it 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 using the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or deposit. Nft Syatem
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted 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 can be decentralized making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Syatem
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it is decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of 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 either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Syatem
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team can be reached via their contact form. Go to the official site and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When 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?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, therefore they fluctuate at regular intervals.