OpenSea has become one of the top platforms for NFTs. It was the first to launch a platform like this over 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 their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, look over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Top Nft Marketplace
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even old technology.
For NFTs, you can gather avatars, digital pets or any other characters that could be traded or taken home. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. Today you can create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, and even virtual land. A well-known illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller is the one to pay the cost of the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally 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 artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers are paid as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like 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 for payment for or deposit. Top Nft Marketplace
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in coding or blockchain. Top Nft Marketplace
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety 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. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Top Nft Marketplace
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team can be reached via their contact form. Go to the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged 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 change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach through its contact forms. Go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and 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 could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.