OpenSea has become one of the most popular marketplaces for NFTs. It was the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, check out the review of this channel. They will guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? OpenSea Art
OpenSea is a marketplace that deals in 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 limited to music, art game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, 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.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
For NFTs, you can gather avatars, digital pets, or other characters that can be traded or collected. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items are also available, like animated team logos.
VR environments and components can be purchased. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A well-known instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being 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 to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller will be the one to charge the price for the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction 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’re looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or make a deposit. OpenSea Art
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. OpenSea Art
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it is open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds 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. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Art
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via its contact forms. Visit their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, so they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they change every now and then.