OpenSea is now one of the most popular markets for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, 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. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer the written word, look over what it is before we look into its fees 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? 3/4 Nft All Thread
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got 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 as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet or any other characters that could be sold or acquired. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT prior to when NFT became a reality. Today it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected such as animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters, or even virtual lands. One popular illustration can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
Fixed Price
The seller will be the one to pay the price of the NFT. Like the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
Bundles
If you’re looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some 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 from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or make a deposit. 3/4 Nft All Thread
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. 3/4 Nft All Thread
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ 3/4 Nft All Thread
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Visit the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell 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. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they constantly change from time to time.
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. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Visit the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions 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 periodic fees. The price is determined through the marketplace, so they constantly change from time to time.
