OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to watch videos instead, check out the channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Where Does OpenSea Store Files
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. 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 of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even the older technologies.
As for NFTs, you can gather avatars and digital pet and other characters that can be traded or taken home. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. In the present it is possible to create digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like 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 now also be bought. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. A popular instance is Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be 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 selling options?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller will be the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
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. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or transfer funds. Where Does OpenSea Store Files
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Where Does OpenSea Store Files
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Where Does OpenSea Store Files
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. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team can be reached via its contact forms. Just go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need 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 do have a support team you can contact through their contact form. Visit the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they change from time to time.