OpenSea has grown to become one of the leading markets for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT have become increasingly 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 planning to invest using NFTs beginning with 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 most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Topps Nft Marketplace
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase 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 old technology.
For NFTs, you can gather avatars, virtual pets or other characters that can be traded or collected. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. Today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports are also available, such as animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual lands. A popular illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller is the one to pay the cost that is the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells 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 mint your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or deposit. Topps Nft Marketplace
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Topps Nft Marketplace
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it’s open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Topps Nft Marketplace
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via their contact form. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.
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 on your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through its contact forms. Just go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.