OpenSea is now one of the most popular platforms for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, check out the review of this channel. They will guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go through what it is prior to we examine its costs and what it has to offer.
Before you go on, you may want to watch 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.
What is OpenSea? Nft Target Stats
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very 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. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d like to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT came to be. As of today you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. 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 competitive.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or transfer funds. Nft Target Stats
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nft Target Stats
They also offer several types of digital assets, making them one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it is open source and has one of the largest NFT collection, the service still has 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 create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Target Stats
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Visit their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Go to their official website and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. 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 the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, which means they fluctuate every now and then.