OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch a video instead, check out this channel’s review. They will guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and the benefits it offers.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? OpenSea 2021
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or older technology.
As for NFTs, you can collect avatars and digital pet or other characters that can be traded or taken home. The rarer they are, the greater value they 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. In the present it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the cost of the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs within 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’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically 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 have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea 2021
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. OpenSea 2021
They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Although it’s open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea 2021
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via its contact forms. Just go to the official site 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 be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through the contact page. Visit their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change every now and then.