OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer the written word, go over the basics before we examine its costs and what it has to offer.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? Nft Body Science
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they are an open marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is completed, your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars and digital pet and other characters that can be sold or taken home. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. Today it is possible to create digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. One popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be 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 on OpenSea is easy. All you have to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to pay the cost for the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or deposit. Nft Body Science
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft Body Science
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Body Science
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Just go to their official website and search at “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 the item to your collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through their contact form. Visit the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, which means they change every now and then.