OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d rather watch a video instead, check out the review of this channel. They will guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Cryptopunk OpenSea
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
For NFTs, you can gather avatars, digital pets, or any other characters that could be traded or collected. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the cost for the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you want 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 additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers receive up to 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 crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or make a deposit. Cryptopunk OpenSea
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 of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in coding or blockchain. Cryptopunk OpenSea
They also offer a range of digital currency, making it one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much 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 Cryptopunk OpenSea
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Just go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they change every now and then.