OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Banner
OpenSea provides a platform 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 only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they are an open marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, virtual pets, or other characters that can be traded or acquired. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller is the one who will be charged the cost of the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to know that certain NFTs have higher transaction fees 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 standard 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers get 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea Banner
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains 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 can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. OpenSea Banner
They also provide a variety of digital currency, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Banner
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Just go to the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and 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 can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction 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. The prices are driven through the marketplace, which means they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through their contact form. Go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges 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, which means they fluctuate at regular intervals.