OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like the written word, go over the basics 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Topps Nft Pack
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even older technology.
As for NFTs, you can collect avatars, digital pets or other characters that can be sold or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. In the present, you can also make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual lands. One popular example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples include 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 from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller will be the one to charge the cost that is the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% cost reasonable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment or deposit. Topps Nft Pack
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Topps Nft Pack
They also provide a variety of digital assets, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it’s decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been increasing over time. 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 cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Topps Nft Pack
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via its contact forms. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. 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 go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
What do I need 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, 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 begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they change from time to time.