OpenSea has become one of the most popular markets for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote 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 this journey, we’d like to caution you. This review is a long read. If you prefer to watch videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Photo
OpenSea provides a platform 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, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can utilize their website to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. As of today, you can also make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects and even virtual land. A popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller is the one to pay the price that is the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 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 an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers get up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or make a deposit. Nft Photo
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost 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 Photo
They also offer several types of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
While it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Photo
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Visit their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also 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, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they change at regular intervals.