OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Handbook
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their 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, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, virtual pets, or any other characters that could be traded or taken home. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. In the present it is possible to create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual lands. A popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to pay the cost that is the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto 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. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay or make a deposit. Nft Handbook
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Handbook
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.
While it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Handbook
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via their contact form. Go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, so they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should 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 support staff that you can contact through the contact page. Visit the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they fluctuate at regular intervals.