OpenSea has become one of the most popular platforms for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly 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 through NFTs and want to start from a good 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 suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like to read, let’s look over the basics before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Rtfkt Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, digital pets or any other characters that could be sold or taken home. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. As of today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. One popular instance 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 are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and type of auction 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 fee for gas.
You can currently select among five selling options. They are:
The seller is the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or make a deposit. Rtfkt Nft
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Rtfkt Nft
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Rtfkt Nft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to the official site and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is 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 gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they change from time to time.
What do I need to know so I can utilize 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, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Go to their official website and look 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 the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they change at regular intervals.