OpenSea has become one of the top markets for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s look over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Who Originally Signed The Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather avatars, virtual pets and other characters that can be sold or collected. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. As of today you can create 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 the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller is the one who will be charged the price that is the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to that of 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 at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers receive as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit and debit card to make payments or transfer funds. Who Originally Signed The Nft
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. Who Originally Signed The Nft
They also offer several types of digital currency, making them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service still has 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 cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Who Originally Signed The Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Visit the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through their contact form. Just go to their website, and look 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 add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they fluctuate at regular intervals.