OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you’d prefer to watch a video instead, take a look at this channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s look over what it is 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Marker Creator
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. 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 have a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you require is to 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 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 purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. As of today it is possible to make the same thing with digital artworks. It’s not 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 like the ones from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known example can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. They are:
The seller will be the one to charge the cost for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer 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 to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. 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 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 within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular 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. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like 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. That also means you cannot use PayPal, credit, or debit cards for payment or make a deposit. Nft Marker Creator
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Marker Creator
They also offer a range of digital asset, making it one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is acceptable, given that some online stores may charge as much 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 Marker Creator
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should 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 can be reached via its contact forms. Visit their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, therefore they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee 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 fluctuate from time to time.