OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we go over the costs and what it can offer.
Before you go on, 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? Where Can I Buy Nft Tokens
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is complete your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, virtual pets or any other characters that could be traded or taken home. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. In the present you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific 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 by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the price for the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price 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 and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments or deposit. Where Can I Buy Nft Tokens
The NFTs are only able to be bought or sold when your cryptocurrency 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 examine the advantages and disadvantages when 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 there is no any experience or expertise in coding or blockchain. Where Can I Buy Nft Tokens
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it is decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to 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 provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Where Can I Buy Nft Tokens
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via the contact page. Visit their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Go to their official website and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they change every now and then.