OpenSea is now one of the top marketplaces for NFTs. It was 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 famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can provide the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, check out the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer the written word, go over the basics before we go over the costs and what it has to offer.
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 Erik Ranta
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, virtual pets or other characters that can be traded or taken home. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT became a reality. Today it is possible to make the same thing with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters, or even virtual worlds. One popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being 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 list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the price for 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 fluctuate in the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using 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 earn money by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible once 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.
You also need to know that some NFTs have additional commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or transfer funds. Nft Erik Ranta
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Erik Ranta
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. 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. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Erik Ranta
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via the contact page. Just go to their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.