OpenSea has grown to become one of the top markets for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s 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 check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Words Cointrainng Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as 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 collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or older technology.
For NFTs, you can gather avatars, virtual pets or other characters that can be sold or acquired. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. In the present you can create digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the cost for the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 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. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up 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, debit, and debit card to make payments or make a deposit. Words Cointrainng Nft
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Words Cointrainng Nft
They also provide a variety of digital currency, which makes it one of the biggest NFT marketplaces. Low platform costs are also a great method to make more money.
Although it is open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Words Cointrainng Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Visit their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through its contact forms. Just go to their website, and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at 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. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, therefore they fluctuate from time to time.