OpenSea is now one of the top markets for NFTs. It was the first to release such a platform in the past. 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 an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will give you the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you prefer to watch a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and what it can offer.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Nft Market Size
OpenSea offers a market for 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 restricted to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you 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 examine each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even older technology.
As for NFTs, you can collect avatars and digital pet, and other characters that can be traded or acquired. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. Today, you can also make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 post your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the cost that is the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards to pay or deposit. Nft Market Size
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Nft Market Size
They also offer several types of digital asset, making it one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
While it is decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Market Size
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on 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 have a support team?
Yes, they have a support team you can contact through its contact forms. Go to the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. 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. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, so they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through their contact form. Go to their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also 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 the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they fluctuate from time to time.