OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you prefer to take a look at videos instead, take a look at the review of this channel. They will guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you like to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Post Nft For Sale
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them 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 founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is successful, your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be traded or taken home. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT was invented. Today you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from 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 by any person. 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. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using 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 utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay or transfer funds. Post Nft For Sale
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Post Nft For Sale
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
While it is decentralized and offers one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Post Nft For Sale
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 through your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via the contact page. Just go to the official site 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 be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they constantly change every now and then.