OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch videos instead, check out this channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Binance Smart Chain
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they have 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 leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be traded or collected. The more rare they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. Today, you can also do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one to charge the price for the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments or transfer funds. OpenSea Binance Smart Chain
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. OpenSea Binance Smart Chain
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. Low platform costs are also a great method to make more money.
Although it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Binance Smart Chain
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team can be reached via its contact forms. Visit their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. 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 gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via the contact page. Just go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they constantly change at regular intervals.