OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees and what it has to 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? Oneof Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is complete your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various 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.
As for NFTs, you can collect avatars and digital pet or any other characters that could be sold or taken home. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. Today it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Digital items related to sports are also available, such as animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters and even virtual land. A popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller will be the one who will be charged the price for the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over time. In 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 transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid non-fungible token after your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or deposit. Oneof Nft
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported 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 disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Oneof Nft
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
While it is decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters 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 make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Oneof Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via its contact forms. Go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through the contact page. Go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create 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 could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.