OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will provide 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 begin our review, we’d like warn you. This review is a long read. If you’d rather take a look at a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer the written word, go through what it is prior to we examine its costs and the benefits it offers.
Before you go on, 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? OpenSeadragon Z-Index
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now 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 list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or taken home. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. As of today you can do the same with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters and even virtual land. One popular example could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller will be the one who will be charged the price for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put 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 will decrease with time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The 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 conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or deposit. OpenSeadragon Z-Index
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. OpenSeadragon Z-Index
They also offer a range of digital currency, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSeadragon Z-Index
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via their contact form. Go to their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through its contact forms. Go to their official website and search 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 auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they change at regular intervals.