OpenSea is now 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 also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Top Nft Games
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is completed the digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or old technology.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be traded or acquired. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. Today, you can also create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, such as animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from 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 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 to 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 the type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments or make a deposit. Top Nft Games
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that 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 secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Top Nft Games
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Top Nft Games
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via the contact page. Visit the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via its contact forms. Just go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they constantly change from time to time.