OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform throughout 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 an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Does OpenSea Have An App
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be sold or taken home. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. As of today, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual lands. A well-known example is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the price of the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction 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 are looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency 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. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will 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, making OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment options?
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. This means that you can’t make use of PayPal, credit, and debit card to make payments or deposit. Does OpenSea Have An App
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they 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 that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Does OpenSea Have An App
They also offer a range of digital asset, making it one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive 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 when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Does OpenSea Have An App
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via its contact forms. Just go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges 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 price is determined by the market, so they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via their contact form. Go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they fluctuate from time to time.