OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the costs 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 review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Projects
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their browser to find NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even old technology.
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 more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. Today it is possible to do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A popular example is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the price for the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost affordable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will vary 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 some NFTs have additional commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards for payment for or deposit. Nft Projects
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with 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 that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in coding or blockchain. Nft Projects
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
While it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Projects
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they constantly 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 you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they constantly change every now and then.