OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d rather watch videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Can Nfts Be Sold
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell 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 established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they are an open marketplace, they use intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets, or other characters that can be sold or taken home. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT came to be. In the present you can make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports are also available, such as animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. One popular illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller will be the one to charge the price for the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. 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 also make an offer to the seller. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment or make a deposit. Can Nfts Be Sold
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Can Nfts Be Sold
They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
While it is decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Can Nfts Be Sold
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via the contact page. Just go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact 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 mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they constantly change at regular intervals.