OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch a video instead, check out the channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to check out 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 of OpenSea.
What is OpenSea? OpenSea Auction
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in 2018 in 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 first NFT marketplaces and a concept not as old as 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 list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even the older technologies.
For NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or acquired. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT was invented. As of today it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A popular instance is Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names 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 simple. All you have to do is to list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
The seller is the one to pay the price that is the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no 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 percent fee competitive.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or make a deposit. OpenSea Auction
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that 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 when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Auction
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to make more money.
While it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds unusual, 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 as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Auction
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Just go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they change every now and then.