OpenSea has grown to become one of the top platforms for NFTs. It was the first to release such a platform in the past. It has experienced 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 curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has always been 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 a long read. If you prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like reading, we’ll go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Results
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can collect avatars and digital pet and other characters that can 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 has always been among the most popular NFT prior to when NFT was invented. As of today you can create digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects and even virtual land. One popular illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease in time. 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 also make an offer to the seller. The NFT can be sold once they have agreed on a 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 that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers are paid as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards for payment or transfer funds. Nft Results
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Results
They also provide a variety of digital currency, making it one of the most popular NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds unusual, 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. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Results
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Just go to the official site and look at “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 then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, so they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, the browsers should 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 get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Visit their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they fluctuate at regular intervals.