OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees and what it has to 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was established in the year 2018 with the help of 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, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to the users, not the platform. Because they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars, digital 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 has always been one of the most well-known NFT prior to when NFT came to be. Today it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. A popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased 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 have to do is to list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or make a deposit. Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
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 of the wallets and blockchains they can 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 has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
They also offer several types of digital currency, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.
While it is decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Visit their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges 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 regular fees. The prices are driven through the marketplace, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it with your mobile phone, the browsers should be compatible 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 team?
Yes they have a customer support team that you can contact through its contact forms. Visit the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees 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 in accordance with the current market conditions, therefore they fluctuate at regular intervals.