OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like to read, let’s go through what it is prior to we go over the costs and what it has to offer.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Ethereum Game How To Level Up Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 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 which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. Some even buy background noises like rain, indistinct chatters, 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, you can gather avatars, virtual pets and other characters that can be sold or collected. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT became a reality. As of today, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters and even virtual land. A popular instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
The seller will be the one who will be charged the price of the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware 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 sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. Ethereum Game How To Level Up Nft
The NFTs can only be bought or sold when your cryptocurrency is accepted 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 take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Ethereum Game How To Level Up Nft
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it is decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Ethereum Game How To Level Up Nft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through their contact form. Visit the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it with your phone on the go, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Visit the official site and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they constantly change every now and then.