OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will help you get the leverage you require. That’s why we made 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 a long read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Vs Smart Contract
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, 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 created 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 and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or older technology.
As for NFTs, you can gather avatars, digital pets, and other characters that can be sold or taken home. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. In the present you can make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects or even virtual lands. A popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one who will be charged the price that is the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the 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 have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to 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 does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit and debit card to make payments or make a deposit. Nft Vs Smart Contract
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can 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 of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Vs Smart Contract
They also provide a variety of digital assets, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it’s open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Vs Smart Contract
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through 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 filled with money to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit the official site and search for “Submit a request.”
Are you able 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, put them up for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they change at regular intervals.