OpenSea has grown to become one of the leading markets for NFTs. It was the first to release such a platform over the years. It has 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 an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to watch a video instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees 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 Is Nft?
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. 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 an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their search engine to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. Today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR environments and components can now also be bought. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters and even virtual land. One popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in 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 you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one to pay the price of the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost affordable.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards to pay or make a deposit. What Is Nft?
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains 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 of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. What Is Nft?
They also offer a range of digital asset, which makes it one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it’s open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ What Is Nft?
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Just go to their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach through the contact page. Just go to the official site and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.