OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitized, 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 require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like the written word, go over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out 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? Race Fuel Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in 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 first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they’re a decentralized marketplace, they have 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 will never leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds 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, it is possible to collect avatars, digital pets or other characters that can be traded or collected. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. These are:
The seller is the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you are looking 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 fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No 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 competitive.
However, you must know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware 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 will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments or make a deposit. Race Fuel Nft
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Race Fuel Nft
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
While it is open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Race Fuel Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via its contact forms. 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 have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through the contact page. Just go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they constantly change from time to time.