OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer the written word, look through what it is prior to we look into its fees 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Open Source Nft Marketplace
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
For NFTs, you can collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT was invented. In the present, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller will be the one to charge the price for the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit and debit card to make payments or make a deposit. Open Source Nft Marketplace
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Open Source Nft Marketplace
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Open Source Nft Marketplace
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it on 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 get started.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via their contact form. Go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. 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?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. 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 make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
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 periodic fees. The prices are driven by the market, therefore they change every now and then.