OpenSea has become one of the leading marketplaces for NFTs. It was the first to release such a platform in the past. 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 interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather watch videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s look over the basics before 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 review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea 3D Model Format
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very 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. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
What types 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 are typically placed. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or acquired. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. In the present, you can also do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. One popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you must understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea 3D Model Format
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. OpenSea 3D Model Format
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea 3D Model Format
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via the contact page. Just go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to their official website and look 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 an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.