OpenSea has grown to become one of the top markets for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 1/1
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. As of today, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game elements and the VR environment virtual objects, characters or even virtual lands. A popular illustration 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. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards to pay or deposit. Nft 1/1
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in coding or blockchain. Nft 1/1
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it’s open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft 1/1
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they change from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via its contact forms. Go to their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, therefore they constantly change at regular intervals.