OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing 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 start this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Systems
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music could be among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even older technology.
For NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or collected. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. Today it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. One popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. 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 any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. These are:
The seller is the one to charge the price of the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards to pay or make a deposit. Nft Systems
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Nft Systems
They also provide a variety of digital asset, which makes them one of the largest NFT marketplaces. Low platform charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety 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 worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Systems
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via the contact page. Just go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through the contact page. Visit their website, and search for “Submit a request.”
Can you 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 them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.