OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look over what it is before we look into its fees and what it has to offer.
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 the article for a more comprehensive review.
What is OpenSea? OpenSea Alternative
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your account. 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 search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, you can gather avatars, digital pets or other characters that can be traded or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. As of today, you can also create digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you have to be aware that certain 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%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. OpenSea Alternative
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea Alternative
They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
While it is decentralized and offers one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Alternative
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via their contact form. Go to the official site and look 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 then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they change from time to time.