OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to release such a platform in the past. It’s seen 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 an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it suitable 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 videos instead, you can check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to watch 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 Claims
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars and digital pet or any other characters that could be sold or acquired. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT came to be. As of today, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects or even virtual worlds. A popular illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. They are:
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments or make a deposit. Nft Claims
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted 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 take a look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Claims
They also offer several types of digital asset, making it one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Claims
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via the contact page. Go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Visit their website, and look for “Submit a request.”
Do you have the ability to 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 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 the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.