OpenSea has become one of the most popular markets for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They will guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go through what it is prior to we go over the costs and the benefits it offers.
Before you go on, you may want to check out 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 of OpenSea.
What is OpenSea? Difference Between OpenSea And High Sea
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of 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 growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or old technology.
As for 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 have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. In the present you can make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples are from 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 from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to 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 auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set 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 can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. 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 percent cost reasonable.
However, you must know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or transfer funds. Difference Between OpenSea And High Sea
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Difference Between OpenSea And High Sea
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Difference Between OpenSea And High Sea
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via the contact page. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Visit their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they fluctuate at regular intervals.