OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more 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 looking to invest with NFTs, then starting from an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time 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 a long read. If you’d prefer to watch videos instead, you can check out the review of this channel. They will guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Ceo
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 available are not limited to music, art, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required 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 use their browser to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT became a reality. As of today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples come 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 options for selling?
Selling your products on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller will be the one who will be charged the price of the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, the price 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 once they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you must understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit and debit card to make payments for or deposit. OpenSea Ceo
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. OpenSea Ceo
They also provide a variety of digital currency, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea Ceo
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to 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, therefore they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through its contact forms. Just go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they constantly change at regular intervals.