OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first 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 other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out the channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft30459/2
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell 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 quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even older technology.
For NFTs, it is possible to collect avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. Today you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual lands. A popular instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller will be the one to pay the price 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 in the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
But, it is important to know that certain 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 from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers get up to 15% as commissions for 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 crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or make a deposit. Nft30459/2
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Nft30459/2
They also offer several types of digital currency, which makes their platform one of the most popular 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 largest NFT collections, it still has its 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 using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, 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. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via its contact forms. Go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have 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, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Just go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they constantly change at regular intervals.