OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, check out the channel’s review. They’ll guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer the written word, go over the basics 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Disks
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
If the transaction is complete the digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear 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.
As for NFTs, it is possible to collect avatars, virtual pets and other characters that can be sold or collected. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. Today you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as 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 easy. All you need to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your 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, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Disks
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Disks
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Disks
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, which means they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they fluctuate from time to time.