OpenSea is now one of the leading platforms for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like reading, we’ll go through what it is prior to we examine its 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Tank
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or collected. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT came to be. Today you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as 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 your products on OpenSea is simple. All you need to do is to list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller will be the one who will be charged the cost for the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can 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 will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or deposit. Nft Tank
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 can 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 that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Tank
They also offer a range of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
While it is decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Tank
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, so they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Visit the official site 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 add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, therefore they constantly change from time to time.