OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this in the past. 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 enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll walk 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 over the basics before we examine its costs and the benefits it offers.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? Nft Tv Ratings
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange 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 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to find 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 available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars, virtual pets or other characters that can be sold or acquired. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT was invented. Today it is possible to make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual worlds. A popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller is the one to pay the cost for the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it 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 through the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the payment options?
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 be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Nft Tv Ratings
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using 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 take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Nft Tv Ratings
They also provide a variety of digital assets, making them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Tv Ratings
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it on 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 have a customer support team you can contact through their contact form. Go to their official website and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through their contact form. Just go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.