OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like to read, let’s go over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to watch 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? Nft Auctions
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their search engine to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
For NFTs, you can collect avatars and digital pet and other characters that can be traded or collected. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. As of today it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters and even virtual land. A popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to pay the price of the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you are looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which 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 Auctions
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in coding or blockchain. Nft Auctions
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.
Although it’s open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Auctions
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Visit the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, therefore they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
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 on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.