OpenSea is now one of the most popular markets for NFTs. It’s also the first to release such a platform 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 an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to 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 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 look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to check out 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.
What is OpenSea? Nftables.D
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or taken home. The more rare they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. Today you can do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses, or other items like game elements, the VR environment, characters, virtual objects or even virtual worlds. A popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller is the one to pay the cost that is the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase 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 reasonable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or deposit. Nftables.D
The NFTs can only be purchased or sold if your cryptocurrency 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 look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nftables.D
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with 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 staff?
Yes they do have a support team that you can contact through its contact forms. Visit the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they change every now and then.