OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will provide the leverage you require. 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, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you like the written word, look over what it is before we look into its fees and the benefits it offers.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Vs Medium
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music could be 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 whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars, digital pets or any other characters that could be sold or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT was invented. As of today 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 images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those of 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, or other items such as game items, the VR environment, characters, virtual objects or even virtual lands. A well-known example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller will be the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create 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 Medium
The NFTs can be purchased or traded 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 examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft Vs Medium
They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Vs Medium
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through the contact page. Go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to the official site and search on the page for “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 the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so they fluctuate every now and then.