OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we examine its 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? At OpenSea
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even old technology.
As for NFTs, it is possible to collect avatars, digital pets and other characters that can be traded or acquired. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. As of today you can create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game elements and the VR environment virtual objects, characters, and even virtual land. A popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. 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 post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments or deposit. At OpenSea
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about coding or blockchain. At OpenSea
They also offer a range of digital currency, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it is open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ At OpenSea
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can contact through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
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 offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, therefore they change every now and then.