OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to watch 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 A Marketplace For Nfts
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the 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 that are constantly expanding. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, you can gather avatars, digital pets or any other characters that could be traded or collected. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today you can do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses or other things like game objects and the VR environment characters, virtual objects or even virtual lands. A well-known example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut 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 post them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one who will be charged the cost of the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment for or deposit. OpenSea A Marketplace For Nfts
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using 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 benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. OpenSea A Marketplace For Nfts
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea A Marketplace For Nfts
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Just go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they change at regular intervals.