OpenSea has become one of the leading platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over the basics before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft With Utility
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 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 among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even old technology.
For NFTs, you can collect avatars and digital pet and other characters that can be traded 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 among the most popular NFT since before NFT became a reality. Today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples include 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 shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through 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 as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible once 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.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or make a deposit. Nft With Utility
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft With Utility
They also offer several types of digital currency, making it one of the biggest NFT marketplaces. Low platform fees are also an excellent method to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds 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. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft With Utility
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via their contact form. Visit their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change from time to time.