OpenSea has become one of the leading markets for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you 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 start this journey, we’d like to caution you. This review is lengthy. If you prefer to watch videos instead, check out the review of this channel. They will guide you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s look through what it is prior to we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Neon District
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. 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 have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post 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 The majority of the assets that are listed on the platform are owned by users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of 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-enabled wallet.
If you’re a buyer you can use their browser to look for NFTs you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of 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 of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be traded or acquired. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. In the present you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from 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 to list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller is the one to pay the price for the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will fall over 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 present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
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. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary 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 to pay or deposit. OpenSea Neon District
The NFTs can only be purchased or sold when your cryptocurrency 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 look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. OpenSea Neon District
They also provide a variety of digital asset, making it one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Neon District
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser 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 support staff that can be reached via their contact form. Visit the official site and search 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 then add it to the collection. If you’re ready for selling them, put them up 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 costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they fluctuate every now and then.