OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to we look into its fees and the benefits it offers.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Nft Issues
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or old technology.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be sold or collected. 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 prior to when NFT became a reality. Today it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller is the one to pay the cost that is the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost competitive.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers receive 15 percent or more 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, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards to pay for or deposit. Nft Issues
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in coding or blockchain. Nft Issues
They also offer several types of digital currency, making it one of the most popular NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Issues
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach through their contact form. Just go to their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. 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?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they change at regular intervals.