OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Address
OpenSea is a marketplace for non-fungible currency, 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 games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies, 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 by the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be sold or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. In the present it is possible to make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. One popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be 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 on OpenSea is simple. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller will be the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment or deposit. OpenSea Address
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with 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 has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. OpenSea Address
They also offer a range of digital currency, making their platform one of the largest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Although it is decentralized and offers one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Address
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users 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 topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Go to their official website and search at “Submit a request.”
Can you mint 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. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.