OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is lengthy. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Xcopy
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. They also have filters available 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. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. Today you can create digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. A well-known illustration is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller is the one to charge the price for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. 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. It’s opposite to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments or deposit. OpenSea Xcopy
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in coding or blockchain. OpenSea Xcopy
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Xcopy
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Visit the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free 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. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through their contact form. Go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they change at regular intervals.