OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Spacing
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that 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.
If you’re a buyer you can use their browser to look for NFTs you’d like to purchase. 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 purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or taken home. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. In the present 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, or even short video clips.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. One popular instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller is the one to charge the price for the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price decreases over time. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or make a deposit. Nft Spacing
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine 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 with NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Spacing
They also offer several types of digital assets, making them one of the largest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Spacing
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. 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 add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through its contact forms. Just go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.