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’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you prefer to watch videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s look through what it is prior to we examine its costs 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Sorare Nft Token
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is successful, your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, you can collect avatars, digital pets and other characters that can be traded or acquired. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. In the present it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects and even virtual land. A well-known illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples include 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 by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit 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 an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. When it comes to 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 bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as 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, or debit cards to pay for or transfer funds. Sorare Nft Token
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Sorare Nft Token
They also offer several types of digital currency, which makes it one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Sorare Nft Token
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Go to their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
These are transactions costs 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 regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach through their contact form. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at 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 auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.