OpenSea is now one of the most popular platforms for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, check out the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Enter Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. 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, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. As of today, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual lands. One popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific capabilities. Examples come 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 shut down by any person. 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 them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay or deposit. Enter Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported 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 look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in coding or blockchain. Enter Nft
They also offer a range of digital assets, making it one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Enter Nft
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Just go to their official website 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 make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Go to their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they constantly change every now and then.