OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at videos instead, check out the review of this channel. They will guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s look over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Vs Dwc
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets and other characters that can be traded or collected. 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 well-known NFT, even before NFT came to be. Today it is possible to do the same with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR environments and components 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 or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased 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 simple. All you need to do is post them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. They are:
The seller is the one who will be charged the cost of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or transfer funds. Nft Vs Dwc
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Vs Dwc
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range 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 privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Vs Dwc
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your phone on the go, your 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 has a support team?
Yes they have a customer support staff that you can contact through their contact form. Just go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Visit their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they fluctuate every now and then.