OpenSea has become one of the leading platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at videos instead, check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go over the basics before we examine its costs 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Setups
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is completed, your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or old technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or collected. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual worlds. One popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be 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 options for selling?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several 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 marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards to pay or deposit. Nft Setups
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft Setups
They also offer a range of digital asset, making them one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity 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. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Setups
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through the contact page. Just go to the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out 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 offers one-time fees as well as periodic fees. Prices are determined through the marketplace, so they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have 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. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they constantly change from time to time.