OpenSea is now one of the top markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Technology
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest 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 sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also have filters available to 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 from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather 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. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. In the present, you can also create digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual worlds. A well-known illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. These are:
The seller will be the one to pay the price of the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you must understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment for or transfer funds. Nft Technology
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of 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 of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Nft Technology
They also provide a variety of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
While it is decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Technology
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they constantly change from time to time.