OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees and what it has to offer.
Before you go on, 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 of OpenSea.
What is OpenSea? Nft Space Means
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars, digital pets, and other characters that can be sold or taken home. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT came to be. As of today it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular example can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller will be the one to charge the price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid 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’re looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or transfer funds. Nft Space Means
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Space Means
They also offer a range of digital assets, making their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Space Means
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via their contact form. Go to their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via its contact forms. 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 need make is to create 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, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they change at regular intervals.