OpenSea is now one of the leading platforms for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to watch a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Example Of Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or older technology.
As for NFTs, you can collect avatars, digital pets, or any other characters that could be traded or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. Today, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased 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 simple. All you need to do is list them on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees or 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.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The costs for 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 instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Example Of Nft
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Example Of Nft
They also offer several types of digital assets, which makes it one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat 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 from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Example Of Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via its contact forms. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they constantly change every now and then.