OpenSea is now one of the most popular platforms for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees and what it has to offer.
Before you go on, 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 the article for a more comprehensive review.
What is OpenSea? Nft Week10
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be traded or acquired. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. In the present it is possible to make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters and even virtual land. A popular example 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 be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and type of auction and you’re ready 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 will be the one to charge the price of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. 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 to sell and list the minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based 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 extra commissions. For example, game developers are paid as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards to pay for or transfer funds. Nft Week10
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Week10
They also offer several types of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Week10
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via their contact form. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to 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 prices are driven through the marketplace, which means they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Visit the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
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 offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change at regular intervals.