OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen 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 interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to watch a video instead, you can check out the review of this channel. They’ll walk users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we look into its fees 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Coin Price
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in the year 2018 with the help of 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, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, or any other characters that could be traded or collected. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. Today it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. One popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller is the one who will be charged the price for the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the paintings that are 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 kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost reasonable.
However, you must know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers get up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards to pay or deposit. OpenSea Coin Price
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. OpenSea Coin Price
They also offer a range of digital assets, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as 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 decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Coin Price
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on 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 start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Go to their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have 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 auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Just go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once 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. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they constantly change from time to time.