OpenSea has become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather watch videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer the written word, look over the basics before we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea 0X3E76Df5A870A9Cc1711Fa17F37985De63E3783Dc
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of 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 which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be traded or taken home. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT was invented. Today, you can also do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. A popular example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller will be the one who will be charged the price that is the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. 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 to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
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 via the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will 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, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay or transfer funds. OpenSea 0X3E76Df5A870A9Cc1711Fa17F37985De63E3783Dc
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. OpenSea 0X3E76Df5A870A9Cc1711Fa17F37985De63E3783Dc
They also offer several types of digital assets, making their platform one of the biggest NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea 0X3E76Df5A870A9Cc1711Fa17F37985De63E3783Dc
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and search on the page 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. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
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 offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through the contact page. Just go to the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they change every now and then.