OpenSea is now one of the most popular platforms for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable 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 a video instead, check out this channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like the written word, look over what it is before we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Gaming
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
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 this platform belong to users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available 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 look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. As of today, you can also create digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses and other things such as game items as well as the VR environment characters, virtual objects or even virtual worlds. A popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 to list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the price of the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. 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 that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs under 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 charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee affordable.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or transfer funds. Nft Gaming
The NFTs are only able to be bought 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 when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Gaming
They also offer several types of digital asset, which makes it one of the largest NFT marketplaces. Low platform charges are also a good method to earn more income.
While it is open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Gaming
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Visit their official website and look for “Submit a request.”
Do you have the ability to earn 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. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, which means they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach through their contact form. Visit their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are 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, so they constantly change at regular intervals.