OpenSea has grown to become one of the top platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is lengthy. If you prefer to take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer the written word, go over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Is An Nft Crypto
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even the older technologies.
As for NFTs, you can collect avatars, virtual pets or any other characters that could be sold or taken home. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. As of today you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters and even virtual land. One popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to 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 post them in 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 subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs within 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 charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs charge higher transaction costs 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 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or transfer funds. What Is An Nft Crypto
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to 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 get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. What Is An Nft Crypto
They also offer a range of digital currency, which makes it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it is decentralized and offers one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ What Is An Nft Crypto
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they fluctuate every now and then.