OpenSea is now one of the most popular markets for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll look through what it is prior to we go over the 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea To Binance
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your account. 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 look for NFTs you’d like to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or acquired. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. Today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A well-known illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. These are:
The seller is the one to pay the price that is the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid is accepted. The cost of 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 some NFTs charge extra commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. OpenSea To Binance
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they 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 safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. OpenSea To Binance
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
While it is decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea To Binance
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Just go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by 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, therefore they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Visit their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.