OpenSea has grown to become one of the top markets for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer the written word, go over what it is before we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Markets
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in 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 one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars, virtual pets and other characters that can be sold or acquired. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. As of today, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game elements, the VR environment, characters, virtual objects and even virtual land. A well-known example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names 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 them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller is the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards to pay or transfer funds. Nft Markets
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that 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, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Markets
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. The low platform charges are also a good method to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Markets
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Visit their official website and search 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 it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, so they change from time to time.