OpenSea has grown to become one of the leading platforms for NFTs. It was the first to release such a platform 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 their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is lengthy. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like the written word, go through what it is prior to we go over the costs and what it has to 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Open Sesame
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and 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 collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your account. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also buy 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 various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
For NFTs, you can collect avatars and digital pet, or any other characters that could be traded or acquired. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT came to be. In the present, you can also make the same thing with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular instance could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller is the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the 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 will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you must be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit and debit card to make payments for or transfer funds. Open Sesame
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Open Sesame
They also offer several types of digital asset, which makes it one of the most popular NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Open Sesame
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via the contact page. Visit their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through their contact form. Visit their official website and look at “Submit a request.”
Are you able to mint 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, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the gas prices?
These are transactions costs 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 recurring fees. Prices are determined by the market, so they constantly change at regular intervals.