OpenSea has become one of the most popular markets for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer 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 check out 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.
What is OpenSea? OpenSea Bidding
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be sold or taken home. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT became a reality. Today you can create digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
You can also collect digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual lands. A popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers generally set expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
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 on the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or transfer funds. OpenSea Bidding
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. OpenSea Bidding
They also offer several types of digital assets, which makes them one of the most popular NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it is open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Bidding
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via the contact page. Visit their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.
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 with your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change from time to time.