OpenSea is now one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s look through what it is prior to we examine its costs and what it can 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Boxes
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to find NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, digital pets or any other characters that could be sold or taken home. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. In the present it is possible to create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. A well-known example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples are 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 being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller will be the one who will be charged the price that is the NFT. Like the name suggests it is not subject to change.
For an auction like 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 equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments for or make a deposit. Nft Boxes
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Boxes
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Boxes
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the 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 start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Visit their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should 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 search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they constantly change at regular intervals.