OpenSea is now one of the leading platforms for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d rather watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Vs Mintable Reddit
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made 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 The majority of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars, digital pets or any other characters that could be traded or acquired. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. In the present, you can also do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual worlds. A popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the price that is the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction 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. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% cost affordable.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay for or deposit. OpenSea Vs Mintable Reddit
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. OpenSea Vs Mintable Reddit
They also offer a range of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, 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.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Vs Mintable Reddit
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Go to their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make 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 look over their instructional videos.
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 has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through their contact form. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction costs from 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 in accordance with the current market conditions, so they fluctuate at regular intervals.