OpenSea has become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like to read, let’s go through what it is prior to we examine its costs and the benefits it offers.
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? Does OpenSea Have A Token Reddit
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started 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.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made 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 that are listed on the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to buy. There are filters that can 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 usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or taken home. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. Today, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. One popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. 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 type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one to charge the cost for the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies 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, or debit cards to pay or transfer funds. Does OpenSea Have A Token Reddit
The NFTs are only able to be bought or sold when your cryptocurrency is accepted 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 look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Does OpenSea Have A Token Reddit
They also offer a range of digital currency, which makes it one of the largest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Does OpenSea Have A Token Reddit
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via its contact forms. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make 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 accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach through its contact forms. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they fluctuate at regular intervals.