OpenSea is now one of the leading platforms for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Pak Nft Artist
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created 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 first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even old technology.
For NFTs, you can collect avatars, digital pets, or any other characters that could be traded or taken home. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT came to be. As of today, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
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 like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut 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 list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
The seller is the one to charge the cost that is the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will fall in 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 also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs within 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 charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will 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 percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or deposit. Pak Nft Artist
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Pak Nft Artist
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it is decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Pak Nft Artist
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to 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 accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
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 price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through the contact page. Visit the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.