OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. 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 curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like the written word, go over the basics before we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Das Fuenfte Element
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded 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 one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed the 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 search engine to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be sold or collected. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. As of today it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller is the one to pay the price that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using 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 getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the 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 certain NFTs earn additional commissions. For example, game developers are paid up to 15% commissions for 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 own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or deposit. Das Fuenfte Element
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain or coding. Das Fuenfte Element
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Das Fuenfte Element
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Just go to the official site and look on the page for “Submit a request.”
Can you make money 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. 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 go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through the contact page. Visit their official website and look at “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 it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, so they change at regular intervals.