OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth since 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 looking to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch a video instead, check out the channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? I Hate Nfts
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which 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 songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be traded or taken home. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. Today you can create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports are also available, such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. These are:
The seller will be the one to pay the price of the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay or transfer funds. I Hate Nfts
The NFTs can only be purchased or sold when your cryptocurrency 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 drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. I Hate Nfts
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good method to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ I Hate Nfts
What do I need to know 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 phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an 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 staff that can be reached via the contact page. Visit their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it through 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 filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. 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 need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they change from time to time.