OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch videos instead, take a look at the channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 36005
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in 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 first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
If the transaction is successful, your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their search engine 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 about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, digital pets, or other characters that can be sold or taken home. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. Today it is possible to 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.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, and even virtual land. A well-known instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. 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 an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards for payment or deposit. Nft 36005
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes 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 technology or programming. Nft 36005
They also provide a variety of digital assets, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
While it is decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft 36005
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Visit the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
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 periodic fees. The price is determined through the marketplace, so they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through their contact form. Go to their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.