OpenSea has become one of the leading platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced 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 an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you prefer to watch a video instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go over the basics before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Vee Friends Nft
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users 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 the year 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 first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or taken home. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. In the present you can create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like 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 be purchased. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters and even virtual land. A well-known example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. 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 any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller is the one to pay the cost that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of 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 per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or make a deposit. Vee Friends Nft
The NFTs can be bought or sold if your cryptocurrency is accepted 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 take a look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Vee Friends Nft
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Vee Friends Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Just go to their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, so they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers must 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 have a support team?
Yes, they have a support staff that you can reach via the contact page. Just go to their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
These are transactions 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. The prices are driven by the market, therefore they change at regular intervals.