OpenSea is now one of the leading marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Vs Eft Mutual Funds
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 NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or collected. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT came to be. In the present you can do the same with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the price that is the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you want to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed in 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 depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge 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 per cent cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up 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 to pay for or transfer funds. Nft Vs Eft Mutual Funds
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Vs Eft Mutual Funds
They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Vs Eft Mutual Funds
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via the contact page. Just go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should 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 offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through their contact form. Visit their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they constantly change every now and then.