OpenSea has become one of the leading platforms for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at videos instead, check out the review of this channel. They’ll walk you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Sae Vs Nft Threads
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or the older technologies.
For NFTs, you can gather avatars and digital pet, and other characters that can be traded or acquired. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. In the present, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards such as those of Sorare or BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses and other things like game elements and the VR environment virtual objects, characters, and even virtual land. A popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or make a deposit. Sae Vs Nft Threads
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to 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 of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Sae Vs Nft Threads
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. Low platform costs are also a great method to make more money.
While it is decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Sae Vs Nft Threads
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via its contact forms. Go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, so they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Just go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up 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 from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.