OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, 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 need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll 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 review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Sell On OpenSea
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets, or other characters that can be sold or collected. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. In the present it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual worlds. One popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to 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 post them on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the 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.
You can currently select from 5 selling options. They are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests the price never changes.
For 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 decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers are paid as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards to pay for or deposit. How To Sell On OpenSea
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. How To Sell On OpenSea
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ How To Sell On OpenSea
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, which means they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Visit their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they fluctuate from time to time.