OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you’d rather watch a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s look over the basics before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Does OpenSea Take A Cut
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest 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 list NFTs bought or created elsewhere.
What is the process behind 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 listed in the marketplace are held by users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to 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. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or taken home. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. As of today it is possible to make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. One popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be 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 options for selling?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller is the one to pay the cost that is the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive as much as 15% as 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 crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay or make a deposit. Does OpenSea Take A Cut
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Does OpenSea Take A Cut
They also offer a range of digital currency, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Although it is open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Does OpenSea Take A Cut
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team can be reached via its contact forms. Just go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your phone on the go, your 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 begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.