OpenSea has grown to become one of the leading platforms 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 have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to check out 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 of OpenSea.
What is OpenSea? Most Popular Nft Artists
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or taken home. 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 prior to when NFT was invented. In the present you can make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, such as animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and 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.
Currently, you can choose among five selling options. They are:
The seller is the one to pay the cost for the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. 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 mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the 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 will only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only 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 vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get as much as 15% as commissions on the products 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 own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or deposit. Most Popular Nft Artists
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 examine the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Most Popular Nft Artists
They also offer several types of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Most Popular Nft Artists
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team you can reach via its contact forms. Just go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via its contact forms. Go to their official website and search at “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 then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, which means they change every now and then.