OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can 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 the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll look through what it is prior to 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? What Does Nft Mean
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT came to be. As of today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards like those of Sorare as well as BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. A popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers generally set high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
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 your cryptocurrencies into cash. That also means you cannot make use of PayPal credit and debit card to make payments or make a deposit. What Does Nft Mean
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they 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 of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. What Does Nft Mean
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ What Does Nft Mean
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Visit their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via the contact page. Visit their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are the gas prices?
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 recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.