OpenSea has become one of the leading markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with 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 always been the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at videos instead, check out this channel’s review. They’ll walk the user 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 over what it is before we look into its fees 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? How Does Nft Work
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, film props, or old technology.
For NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or acquired. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. As of today, you can also make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters and even virtual land. A popular instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the price for the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or deposit. How Does Nft Work
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about coding or blockchain. How Does Nft Work
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ How Does Nft Work
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via 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 mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through its contact forms. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, which means they change every now and then.