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 even more popular since celebrities and celebrities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will provide 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 the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees and what it can offer.
Before you go on, 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 C
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even old technology.
As for NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT was invented. As of today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. These are:
The seller is the one to charge the price of the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage 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 surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards to pay or transfer funds. OpenSea C
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets that they can 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 that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. OpenSea C
They also offer a range of digital assets, making them one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is 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 financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea C
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Go to the official site and look for “Submit a request.”
Can you mint 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. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they constantly change every now and then.