OpenSea has grown to become one of the top markets for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees and the benefits it offers.
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 of OpenSea.
What is OpenSea? Wall Street Journal Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or older technology.
For NFTs, you can collect avatars, virtual pets and other characters that can be sold or collected. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. Today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects and even virtual land. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by 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 post them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller is the one who will be charged the price for the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. 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 the minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up 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 to pay for or make a deposit. Wall Street Journal Nft
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Wall Street Journal Nft
They also provide a variety of digital assets, which makes it one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency 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 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.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Wall Street Journal Nft
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. 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 costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through their contact form. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from 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 by the market, which means they constantly change from time to time.