OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to launch a platform like this 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 other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at this channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like reading, we’ll look over the basics 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Coingecko
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs 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 one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of 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 buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. Some even buy 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 like baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars and digital pet or any other characters that could be traded or acquired. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. Today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects or even virtual lands. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one to pay the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller will 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 as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 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 within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees as compared 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 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary 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 for or transfer funds. OpenSea Coingecko
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. OpenSea Coingecko
They also offer several types of digital currency, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Coingecko
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via the contact page. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.