OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind 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 famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll look over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Basics
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, 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 2018 in 2018 by 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 and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about 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 see NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to find NFTs you’d like to buy. They also offer filters 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 through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or 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 will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT came to be. Today you can make the same thing with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
You can also collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. 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. You only have to ensure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces 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 cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit and debit card to make payments or deposit. Nft Basics
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Nft Basics
They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to make more money.
While it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Basics
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Just go to their website, and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If 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. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate every now and then.