OpenSea is now one of the top marketplaces for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution 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’ll guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like to read, let’s look over what it is 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Unit
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and 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, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s review of 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 is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or collected. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. In the present, you can also create digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects and even virtual land. One popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive 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 is sold after they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers get 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments or deposit. Nft Unit
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that 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 of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Unit
They also offer a range of digital currency, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
While it is decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Unit
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create 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, but you can 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 to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Visit their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, therefore they change every now and then.