OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, check out the channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you like to read, let’s go over what it is before we go over the costs 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Is The Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. As of today you can create digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports are also available, such as animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller is the one to pay the cost that is the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment 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’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or transfer funds. What Is The Nft
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. What Is The Nft
They also provide a variety of digital asset, making them one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to make more money.
While it is open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ What Is The Nft
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via their contact form. Visit their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, which means they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they change every now and then.