OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because 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 beginning with an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, take a look at the channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you dive into 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 check out 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.
What is OpenSea? Nft Collectibles
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. 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 like to buy. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types 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 restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be sold or collected. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. Today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards for payment or deposit. Nft Collectibles
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in coding or blockchain. Nft Collectibles
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Collectibles
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via the contact page. Go to their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using 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 auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they change from time to time.