OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like the written word, look over the basics before we look into its fees and what it has to 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Cpg
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars and digital pet, or any other characters that could be sold or acquired. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. In the present, you can also do the same with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip 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, such as animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. A well-known instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. 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. 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 a minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers are paid up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or transfer funds. OpenSea Cpg
The NFTs can only be purchased or traded when your cryptocurrency 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 benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. OpenSea Cpg
They also offer a range of digital assets, making them one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Cpg
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they fluctuate at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Just go to the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they change every now and then.