OpenSea has become one of the leading markets for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Urban Dictionary
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established 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 one of 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 sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. 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 like baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. In the present it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% as 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. 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 or debit cards for payment for or deposit. Nft Urban Dictionary
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Urban Dictionary
They also provide a variety of digital currency, making it one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Urban Dictionary
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Just go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Visit the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need 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 go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they constantly change from time to time.