OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s look over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Industry
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or acquired. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. In the present it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
The digital objects associated with sports are also available, such as animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects or even virtual lands. A well-known example can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one who will be charged the cost of the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. 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. It’s opposite to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers get as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit and debit card to make payments for or make a deposit. Nft Industry
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Industry
They also offer several types of digital currency, making them one of the largest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it’s decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, NFTs have 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 provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Industry
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, which means they constantly change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.