OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you like the written word, go over the basics before we look into its fees 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Domains
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music game items, 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 collectibles. 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 an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to look for NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even the older technologies.
For NFTs, you can gather avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. Today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual lands. A popular instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be 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 your products on OpenSea is simple. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller is the one to pay the price that is the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers generally set expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. 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 can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay or transfer funds. Nft Domains
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Domains
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
While it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Domains
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with 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 up to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through its contact forms. Go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can 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, list them for auction. 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 funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.