OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, check out the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees and what it has to offer.
Before you continue, 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 the article for a more comprehensive review.
What is OpenSea? Nft Scores
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars, digital pets, or other characters that can be sold or taken home. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT came to be. As of today, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. 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 anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs 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 imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay or transfer funds. Nft Scores
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains 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 drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft Scores
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds strange, which is 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 concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage 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 Scores
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If 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. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via its contact forms. Visit their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Just go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.