OpenSea is now one of the most popular platforms for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? What Is Nft Token
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever 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 by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or taken home. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT became a reality. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters and even virtual land. A well-known example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller is the one who will be charged the price for the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only need 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 OpenSea’s 2.5 per cent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers get up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or transfer funds. What Is Nft Token
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. What Is Nft Token
They also provide a variety of digital currency, making their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent method to make more money.
While it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ What Is Nft Token
What do I need so I can use OpenSea?
OpenSea has 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 either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via their contact form. Just go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Just go to their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they constantly change from time to time.