OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is lengthy. If you’d prefer to take a look at videos instead, you can check out the 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 to read, let’s look over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Zora Nft Marketplace
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can gather avatars, digital pets, or other characters that can be sold or acquired. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. In the present, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters, and even virtual land. A popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. 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 list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price 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 cost of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very high prices. With time, the value decreases until it’s 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 reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to 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 common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or make a deposit. Zora Nft Marketplace
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Zora Nft Marketplace
They also offer several types of digital assets, making their platform one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Zora Nft Marketplace
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs 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 through the marketplace, which means they change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Visit the official site and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they constantly change every now and then.