OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to take a look at a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Vs Bitcoin
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the 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 individuals were interested in collecting items such as baseball cards movie props, or even older technology.
As for NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT came to be. As of today it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, 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 can also be collected, 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 elements and the VR environment characters, virtual objects and even virtual land. A popular instance can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller will be the one who will be charged the price that is the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however 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 example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or deposit. Nft Vs Bitcoin
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of 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 when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nft Vs Bitcoin
They also offer several types of digital currency, making it one of the largest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Although it’s open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Vs Bitcoin
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via their contact form. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Go to their website, and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.