OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can provide 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 begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s look over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to check out 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 & Riot
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs 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 started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t 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 utilize their website to find NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; 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 were popular, a few individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
For NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or collected. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. As of today you can create digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and auction type then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller is the one who will be charged the cost that is the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or deposit. Nft & Riot
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in coding or blockchain. Nft & Riot
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could 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 & Riot
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via their contact form. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Just go to their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, so they fluctuate from time to time.