OpenSea is now one of the leading platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start 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 suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out 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? Wallet Per Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a 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 is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be sold or taken home. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. In the present, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can now also be bought. You can buy these metaverses or other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be 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 on OpenSea is simple. All you need to do is list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the price of the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment 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 are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money 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 fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot 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. Also, you are not able to use PayPal, credit, or debit cards to pay or make a deposit. Wallet Per Nft
The NFTs can only be bought or sold when 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 benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Wallet Per Nft
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Wallet Per Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through the contact page. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, which means they change every now and then.