OpenSea has grown to become one of the top platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at videos instead, you can check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like to read, let’s look through what it is prior to 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? From OpenSea
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase 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 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 such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or taken home. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. As of today it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A popular instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be 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 selling options?
Selling your products on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one who will be charged the cost for the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers receive as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or deposit. From OpenSea
The NFTs can be purchased or sold if your cryptocurrency is supported 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. From OpenSea
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ From OpenSea
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up 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 official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need 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 auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, so they change from time to time.