OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform 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 other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea has always been the leading 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 watch a video instead, check out this channel’s review. They’ll guide users through OpenSea and its features 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 continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea In Italian
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year 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, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies 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. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their search engine to find 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 you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or the older technologies.
For NFTs, you can gather avatars and digital pet, and other characters that can be traded or acquired. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. In the present you can create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual worlds. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to charge the cost of the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. 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 will automatically accept the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through 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 can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or make a deposit. OpenSea In Italian
The NFTs are only able to be purchased or sold if 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 look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. OpenSea In Italian
They also offer a range of digital currency, which makes their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you 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. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea In Italian
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through their contact form. Just go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.