OpenSea has become one of the top platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like to read, let’s look over the basics before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Jobs At OpenSea
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or taken home. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. In the present it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR environments and components can now also be bought. You can buy these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay or make a deposit. Jobs At OpenSea
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain technology or programming. Jobs At OpenSea
They also offer a range of digital assets, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Jobs At OpenSea
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via their contact form. Just go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through the contact page. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they fluctuate every now and then.