OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you like the written word, go through what it is prior to we examine its costs and the benefits it offers.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Currency
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from 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 just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. In the present it is possible to make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR environments and components can now also be bought. You can buy these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual lands. A popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain 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 shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one who will be charged the cost for the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. 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 is required to put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by 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 charge charges for using 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 make money by getting a share of the artworks sold.
With OpenSea You will 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, making OpenSea’s 2.5 percent fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay for or transfer funds. Nft Currency
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Currency
They also offer several types of digital currency, making it one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Currency
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Just go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, so they constantly change every now and then.