OpenSea is now one of the leading platforms for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll look over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Xwg
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. 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, movie props, or even older technology.
As for NFTs, you can gather avatars, virtual pets or other characters that can be traded or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. Today you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by 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 them on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller is the one who will be charged the price that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them 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 within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea You will only need 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 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or make a deposit. Nft Xwg
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Xwg
They also offer a range of digital assets, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
While it is open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Xwg
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Can you mint 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 sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they 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 on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.