OpenSea has become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It has 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 an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea App
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 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 among the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be traded or taken home. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. Today it is possible to create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular example could be 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 can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers are paid up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments or deposit. OpenSea App
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. OpenSea App
They also offer several types of digital asset, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.
While it is open source and has one of the most diverse NFT selections, it still has some 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.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea App
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team can be reached via its contact forms. Visit their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Just go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change from time to time.