OpenSea is now one of the most popular markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll go over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Analytics
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and 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 facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers 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. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. 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, film props, and even old technology.
As for NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or collected. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always 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 art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects or even virtual lands. A popular instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains 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 easy. All you have to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
In 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. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer 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 for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells it 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 through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers are paid up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or transfer funds. OpenSea Analytics
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. OpenSea Analytics
They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great 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 payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and odd, 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. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Analytics
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees 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 price is determined by the market, which means they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an 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 via the contact page. Just go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they fluctuate every now and then.