OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can help you get the leverage you require. This is why we wrote 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 prefer to take a look at videos instead, take a look at this channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we look into its fees and the benefits it offers.
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 the article for a more comprehensive review.
What is OpenSea? Nft-050
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, digital pets or other characters that can be sold or acquired. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. In the present you can create digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well 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 are also available, like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual worlds. One popular illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling 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. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. These are:
The seller will be the one to pay the price that is the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% cost affordable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment or deposit. Nft-050
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft-050
They also provide a variety of digital assets, making it one of the largest NFT marketplaces. The low platform charges are also a good method to earn more income.
Although it’s open source and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Go to their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through their contact form. Just go to their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at 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 auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they constantly change from time to time.