OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Truffle
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music 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 got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever 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 are an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or 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 taken home. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game objects as well as the VR environment characters, virtual objects and even virtual land. One popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. 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 for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make 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 or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or transfer funds. Nft Truffle
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Truffle
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Truffle
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via the contact page. Visit their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction 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 periodic fees. The prices are driven by the market, therefore they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Just go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they change every now and then.