OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? New Nft Projects
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted 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 began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
This means that 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 search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an 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 were popular, a few people invested in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars, virtual pets, and other characters that can be sold or collected. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. Today you can do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as 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 options for selling?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller will be the one who will be charged the cost that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. 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 a minimum price. This is in contrast to that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or transfer funds. New Nft Projects
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains 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 of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. New Nft Projects
They also offer several types of digital assets, making them one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it is decentralized and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ New Nft Projects
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on 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 begin.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via their contact form. Just go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an 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 staff that you can contact through their contact form. Just go to the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they constantly change every now and then.