OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look through what it is prior to we examine its costs and what it has to offer.
Before you continue, 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.
What is OpenSea? Cryptopunks OpenSea
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music 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 by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
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 this platform belong to users, not the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
If the transaction is complete the digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music is among 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 offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet, and other characters that can be traded or taken home. The rarer 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 popular NFT prior to when NFT came to be. As of today it is possible to create digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, and even virtual land. A popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller will be the one to charge the cost that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set high prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Cryptopunks OpenSea
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains 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, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Cryptopunks OpenSea
They also provide a variety of digital currency, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
While it is decentralized and offers one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Cryptopunks OpenSea
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and 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. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through its contact forms. Visit their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need 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 easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.