OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you’d rather watch a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll look over what it is 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Decentraland
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve 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. Because they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. In addition, you don’t have to open an 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 prefer to purchase. 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. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars, digital pets and other characters that can be sold or taken home. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. As of today, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples are 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 selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one who will be charged the cost for the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast 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 for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% cost affordable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or make a deposit. OpenSea Decentraland
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. OpenSea Decentraland
They also offer a range of digital assets, which makes it one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
While it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Decentraland
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through their contact form. Just go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they change every now and then.