OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like the written word, 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Union
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art 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 began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because 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 complete your digital assets won’t leave your account. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals 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, there were individuals were interested in collecting items such as baseball cards movie props, or even old technology.
As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. As of today, you can also make the same thing with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual lands. One popular example can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now 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 on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the price of the NFT. Just as 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 generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or make a deposit. Nft Union
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they 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 when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Union
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good way for you to earn more income.
While it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Union
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via its contact forms. Just go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they fluctuate from time to time.