OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to watch a video instead, check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like the written word, look over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Updates For The Us
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not by the platform. Since they are an open 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 complete the digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or old technology.
As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. As of today it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters and even virtual land. One popular illustration is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. 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 bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common 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 a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards to pay or make a deposit. Nft Updates For The Us
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Updates For The Us
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
While it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Updates For The Us
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via the contact page. Go to their website, and look for “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 then add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through its contact forms. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, which means they change from time to time.