OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform over the years. It’s seen 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 an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look over what it is before we look into its fees 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Marketplace List
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of 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 ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or collected. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. In the present you can do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports are also available, such as animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters and even virtual land. One popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller will be the one to pay the price for the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee reasonable.
However, you have to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay for or deposit. Nft Marketplace List
The NFTs can be purchased or sold if your cryptocurrency 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 look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about blockchain or coding. Nft Marketplace List
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great method to make more money.
While it is open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support 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 been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Marketplace List
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs 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 fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through the contact page. Go to their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they change every now and then.