OpenSea has become one of the top marketplaces for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like the written word, go over what it is 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Books
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by 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 losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music may be one of 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 such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even old technology.
In the case of NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or taken home. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT came to be. As of today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as 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 your products on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and auction type 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.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to 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. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or transfer funds. Nft Books
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Books
They also offer a range of digital currency, making them one of the largest NFT marketplaces. The platform’s low charges are also a good 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 a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Books
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team can be reached via their contact form. Go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make 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 to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Just go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they change at regular intervals.