OpenSea is now one of the top marketplaces for NFTs. It was the first to release such a platform throughout the years. It has experienced 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 interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea has been for a long time 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 quite a long read. If you’d rather take a look at a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is before we examine its 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Most Popular Nft Marketplace
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is complete the digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can aid in 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 eight categories in which they typically fall into. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, it is possible to collect avatars, digital pets, and other characters that can be traded or acquired. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. As of today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from 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 list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type 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. The choices are:
The seller is the one who will be charged the price for the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies 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 use PayPal credit, debit, or debit cards to pay or make a deposit. Most Popular Nft Marketplace
The NFTs can 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 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 is decentralized, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. Most Popular Nft Marketplace
They also offer a range of digital asset, making it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
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 could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Most Popular Nft Marketplace
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via the contact page. Go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
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 regular fees. Prices are determined through the marketplace, which means they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.