OpenSea is now one of the top markets for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d rather watch a video instead, check out this channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer the written word, look over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Top 3 Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is complete your digital assets won’t 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.
In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be traded or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT was invented. As of today, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters and even virtual land. A popular illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller will be the one to pay the price of the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Top 3 Nft
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. Top 3 Nft
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
While it is decentralized and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Top 3 Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Visit their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they constantly change at regular intervals.