OpenSea has grown to become one of the leading platforms for NFTs. It was the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like the written word, go through what it is prior to we go over the costs and what it can 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 of OpenSea.
What is OpenSea? Nft Theatre
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars and digital pet and other characters that can be traded or taken home. The more rare they are, the greater value they be. 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. Today, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
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.
In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
However, you must know that certain NFTs have higher transaction fees compared to others. 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.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay for or make a deposit. Nft Theatre
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 is decentralized, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Theatre
They also provide a variety of digital currency, making it one of the largest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Although it is open source and has one of the most diverse 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 with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range 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 worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Theatre
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must 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 its contact forms. Just go to the official site and search at “Submit a request.”
Are you able to earn 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. When you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers must 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 start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they change at regular intervals.