OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look over the basics before we examine its costs and the benefits it offers.
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.
What is OpenSea? Nft Transplant Foundation
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate 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 largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars and digital pet, or other characters that can be sold or collected. The rarer 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 became a reality. Today, you can also make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A well-known example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the cost of the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will 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 as time passes. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee competitive.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit and debit card to make payments or make a deposit. Nft Transplant Foundation
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Transplant Foundation
They also offer several types of digital asset, making them one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Transplant Foundation
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, your browsers must be compatible 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 can be reached via their contact form. Go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to 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 gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, so they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Visit the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring 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.