OpenSea has become one of the leading markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch videos instead, check out the channel’s review. They’ll guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like the written word, go through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Dazn
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created 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, all of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is successful your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even old technology.
In the case of NFTs, you can collect avatars and digital pet, or any other characters that could be sold or collected. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. Today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller will be the one to charge the price of the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells it to the highest 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. You can then sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or transfer funds. OpenSea Dazn
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Dazn
They also offer a range of digital asset, which makes it one of the most popular NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Dazn
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability 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 them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need 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 mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Go to the official site and search 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 add the item to your collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate every now and then.