OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like the written word, go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to check out 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.
What is OpenSea? Nft Stories
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, 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 the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. Today you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. 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 an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price 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 need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit and debit card to make payments or make a deposit. Nft Stories
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Stories
They also offer several types of digital assets, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is 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 customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Stories
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can 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 auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they fluctuate from time to time.