OpenSea has become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, take a look at the channel’s review. They will guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees and what it can 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Log Out
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars, virtual pets or any other characters that could 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 has always been among the most well-known NFT, even before NFT was invented. Today, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller is the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction 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 mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid as much as 15% as 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 own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or transfer funds. OpenSea Log Out
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea Log Out
They also offer a range of digital asset, making it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Although it’s open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Log Out
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Go to their official website and search 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 then add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also 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 is a one-time fee and regular fees. The price is determined by the market, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they fluctuate from time to time.