OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at videos instead, check out this channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we examine its costs 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Hide
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
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 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 are typically placed. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars and digital pet, and other characters that can be sold or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. Today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards, such as those from Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. One popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller is the one to pay the cost for the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. OpenSea Hide
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. OpenSea Hide
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Hide
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Go to their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Just go to the official site and search for “Submit a request.”
Are you able to mint 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. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.