OpenSea is now one of the most popular markets for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, check out this channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go over what it is before we go over the costs and what it has to offer.
Before you continue, 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 Authentication Error
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
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 these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means 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 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 buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, 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, and even old technology.
As for NFTs, you can gather avatars and digital pet or any other characters that could be sold or taken home. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. As of today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names 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 simple. All you have to do is list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops as time passes. When it comes to 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 are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you must know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency 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. This means that you can’t make use of PayPal credit and debit card to make payments for or make a deposit. OpenSea Authentication Error
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. OpenSea Authentication Error
They also offer several types of digital assets, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have 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 wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores could 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 Authentication Error
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via the contact page. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Go to their official website and look at “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 then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they constantly change every now and then.