OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll look over the basics before we examine its costs 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Binance Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 with the help of 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest 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 bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, virtual pets and other characters that can be traded or collected. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. Today, you can also create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs in 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 fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to be aware that certain 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 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, and debit card to make payments or transfer funds. OpenSea Vs Binance Nft
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. OpenSea Vs Binance Nft
They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make 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 acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Vs Binance Nft
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via the contact page. Just go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list 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 fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they constantly change every now and then.