OpenSea is now one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll go 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 of OpenSea.
What is OpenSea? Reddit Nft Streams Saints Falcons
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded 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 first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
As for NFTs, you can collect avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. In the present it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects and even virtual land. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type 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 from five options for selling. These are:
The seller will be the one who will be charged the cost of the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
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 also get an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or transfer funds. Reddit Nft Streams Saints Falcons
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Reddit Nft Streams Saints Falcons
They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it is open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Reddit Nft Streams Saints Falcons
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via the contact page. Visit their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach through their contact form. Just go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they constantly change from time to time.