OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind in the past. It has seen 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 enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you prefer to watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Sales
OpenSea offers a market for non-fungible tokens, also referred to 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, and domain names.
It was founded 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 very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase 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 well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or older technology.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. As of today it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid 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.
At present, you can select from five options for selling. These are:
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you must understand that some 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 on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or transfer funds. Nft Sales
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Nft Sales
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Sales
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team can be reached via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.
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. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Just go to their official website and look 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 then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.