OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like to read, let’s go 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Chain Types
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy 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 created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
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 eight categories in which they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, virtual pets or other characters that can be traded or collected. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. As of today, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual worlds. One popular instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
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, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the price of the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings that are 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 you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary 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 example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment or deposit. Nft Chain Types
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Chain Types
They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it is open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Chain Types
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via the contact page. Go to their website, and look on the page for “Submit a request.”
Are you able to mint 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 go through their tutorials.
What are gas fees?
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 recurring fees. The price is determined through the marketplace, so they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Visit their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have 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 auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they change from time to time.