OpenSea is now one of the leading markets for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at a video instead, take a look at the channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll look 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 review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Creation
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be sold or collected. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. Today it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. A well-known example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names 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 easy. All you have to do is post them on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token following the time 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.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards for payment or make a deposit. Nft Creation
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Creation
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Creation
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free 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 that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via the contact page. Go to the official site and look at “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 add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they change at regular intervals.