OpenSea has become one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at a video instead, you can check out the channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go over the basics before we examine its costs 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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Kovan
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to find NFTs you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase 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 look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. As of today you can create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. A popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them in 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 then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller will be the one to charge the cost that is the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the payment 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 multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more 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. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments for or transfer funds. OpenSea Kovan
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. OpenSea Kovan
They also provide a variety of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Kovan
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via their contact form. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Just go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by 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, which means they fluctuate from time to time.