OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can provide the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Customer Support
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or taken home. The more rare they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. As of today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. A popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post your products 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.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one to charge the cost of the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over 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 will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies 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 paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% commissions for items 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. This means that you can’t use PayPal credit, debit, or debit cards for payment for or transfer funds. OpenSea Customer Support
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they 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 has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Customer Support
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
While it is open source and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies, 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 can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Customer Support
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via the contact page. Just go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, therefore they constantly change every now and then.
What do I need to know so 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, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they change at regular intervals.