OpenSea is now one of the most popular markets for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at videos instead, check out this channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll go over what it is before we examine its costs 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Website
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not by the platform. Since they’re an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. 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 individuals were interested in collecting items such as baseball cards movie props, or even older technology.
As for NFTs, it is possible to collect avatars, digital pets, and other characters that can be traded or collected. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards such as 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 purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. One popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and the type of auction, 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. They are:
The seller will be the one to charge the cost for the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers are paid 15 percent or more commissions for the items 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 be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay or make a deposit. Nft Website
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Website
They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as 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 are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Website
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via their contact form. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, so they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through the contact page. Just go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they fluctuate every now and then.