OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we look into its fees and the benefits it offers.
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.
What is OpenSea? OpenSea 721
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or taken home. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. As of today it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual lands. A well-known example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. 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.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the 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 only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible after 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.
Also, you should know that some NFTs have additional commissions. For instance, game designers get up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment for or transfer funds. OpenSea 721
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to 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 is decentralized, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. OpenSea 721
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea 721
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through 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 filled up to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. 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 make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach through its contact forms. Go to their official website and search 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 be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they constantly change at regular intervals.