OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. 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 require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Guide
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. As of today it is possible to make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller is the one to charge 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 fluctuate over time. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
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 be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards to pay or make a deposit. Nft Guide
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Guide
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Guide
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.