OpenSea has become one of the top platforms for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch a video instead, check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer the written word, go over what it is before we go over the costs and what it can offer.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Systems 8 -4
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade 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 and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never 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 search engine to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
As for NFTs, you can gather avatars, digital pets or any other characters that could be traded or taken home. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. As of today it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual lands. A popular example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the price that is the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT exchanges 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. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees 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 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, and debit card to make payments for or transfer funds. Nft Systems 8 -4
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they are able to 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 of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft Systems 8 -4
They also offer several types of digital asset, making them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
While it is decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative 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 broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Systems 8 -4
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Just go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need 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. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they change from time to time.