OpenSea is now one of the leading platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can give you the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll walk the user 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 the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft To Watch Out For
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
In the case of NFTs, you can collect avatars, digital pets, and other characters that can be traded or acquired. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. As of today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. A popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be 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 selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the cost for the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will fall over the course of. Sellers generally set high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you must know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards to pay or transfer funds. Nft To Watch Out For
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Nft To Watch Out For
They also offer several types of digital assets, making their platform one of the biggest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft To Watch Out For
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via their contact form. Visit 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 have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that 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. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via the contact page. Go to their website, and look at “Submit a request.”
Are you able to 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. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, which means they fluctuate from time to time.