OpenSea is now one of the top marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer the written word, go over the basics before 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea About
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available 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 got started 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 largest 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 post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. As of today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters and even virtual land. A popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as 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 selling options?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller will be the one to charge the cost that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend 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 have extra commissions. For instance, game designers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments for or make a deposit. OpenSea About
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. OpenSea About
They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea About
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Visit their official website and look at “Submit a request.”
Do you have the ability 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. If you’re ready for selling the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via the contact page. Go to the official site and search at “Submit a request.”
Do you have the ability to mint 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. Once you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they change from time to time.