OpenSea has become one of the most popular markets for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer the written word, go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? OpenSea Quantity
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. In addition, you don’t have 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 like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be sold or collected. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. As of today, you can also make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements, the VR environment, characters, virtual objects or even virtual worlds. A well-known illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller is the one to charge the cost that is the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only be charged 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, making OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need 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 use PayPal credit or debit cards for payment or transfer funds. OpenSea Quantity
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. OpenSea Quantity
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to earn more income.
While it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Quantity
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Just go to their website, and search for “Submit a request.”
Are you able 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. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via the contact page. Visit their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they fluctuate from time to time.