OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities 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 give you 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 prefer to take a look at a video instead, take a look at this channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll go over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Printable 2021 Nft Brackets
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users 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 founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Since they are an open marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d prefer 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 buy from OpenSea. There are eight categories to which they usually belong. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be sold or collected. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. As of today you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller will be the one who will be charged the cost for the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s 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 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the payment options?
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. Also, you are not able to make use of PayPal, credit, or debit cards to pay or deposit. Printable 2021 Nft Brackets
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Printable 2021 Nft Brackets
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it’s open source and has one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Printable 2021 Nft Brackets
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via the contact page. Just go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through their contact form. Go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they change from time to time.