OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to watch videos instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s go over what it is before we examine its costs and what it has to 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 our article for a more comprehensive review.
What is OpenSea? Leonard, Joanna Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Since they are an open marketplace, they have smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various 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, you can gather avatars and digital pet or any other characters that could be traded or taken home. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. As of today you can create digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual worlds. A well-known illustration is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to 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 have to do is post them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in 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 marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Leonard, Joanna Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains 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 when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Leonard, Joanna Nft
They also offer a range of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Leonard, Joanna Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via its contact forms. Just go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, 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 begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Visit their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. When 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?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they change from time to time.