OpenSea has become one of the leading markets for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, check out the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s go over the basics before we go over the costs and what it can offer.
Before you go on, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Kits
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can 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 typically fall into. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or acquired. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. As of today, you can also create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. 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 them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to charge the price that is the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid 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 are looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit and debit card to make payments for or deposit. Nft Kits
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nft Kits
They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
While it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing 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 the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Kits
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through 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 topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Just go to the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through their contact form. Go to their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, which means they change every now and then.