OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen 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 their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, check out this channel’s review. They’ll walk users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like the written word, look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to check out 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.
What is OpenSea? Nft Vs Ft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or old technology.
For NFTs, you can collect avatars, virtual pets and other characters that can be sold or acquired. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. Today you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be 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. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings 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 OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers are paid up to 15% commissions on the products 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 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 for or deposit. Nft Vs Ft
The NFTs can be purchased or traded when your cryptocurrency is accepted 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 examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Vs Ft
They also offer several types of digital assets, making their platform one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
While it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing 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 the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Vs Ft
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through the contact page. Go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, so 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 you can utilize. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they constantly change at regular intervals.