OpenSea has become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we examine its 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea 0 Items
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is 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 list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is complete, your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, you can gather avatars and digital pet, or other characters that can be sold or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. As of today you can create digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects or even virtual lands. A well-known instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. 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 in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
The seller is the one to pay the cost that is the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers receive as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or deposit. OpenSea 0 Items
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains 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 has no centralization, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. OpenSea 0 Items
They also offer several types of digital assets, making their platform one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
While it is decentralized and offers one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea 0 Items
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via their contact form. Just go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via its contact forms. Visit their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.