OpenSea is now one of the leading platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d rather watch videos instead, check out the channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like to read, let’s look over the basics before we look into its fees 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Topps Nft Series 2
OpenSea offers a market for non-fungible tokens, 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 restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be sold or taken home. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. In the present it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list your products 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 subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or transfer funds. Topps Nft Series 2
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they 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 has no centralization, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Topps Nft Series 2
They also offer a range of digital currency, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Topps Nft Series 2
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers must work 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 team?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through their contact form. Just go to their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.