OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer the written word, go 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 watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Auction House
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and 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 established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are 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 buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT became a reality. As of today you can do the same with digital art. It’s not just 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 of Sorare and BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as 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 simple. All you have to do is to list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one to charge the price of the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller puts 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 will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be 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 have additional commissions. For instance, game designers are paid 15 percent or more 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. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments or make a deposit. Nft Auction House
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they are able to 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 can be decentralized which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft Auction House
They also provide a variety of digital assets, which makes it one of the biggest NFT marketplaces. Low platform charges are also a good method to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Auction House
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team can be reached via its contact forms. Go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds 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 constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through its contact forms. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once 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 the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they fluctuate at regular intervals.