OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d rather watch a video instead, you can check out the review of this channel. They’ll walk you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees 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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Email
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in 2018 in 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 among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their browser to look for 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 available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an 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 people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather avatars, digital pets or any other characters that could be sold or acquired. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. In the present, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual worlds. A popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. 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 shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers generally set expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs in 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 is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or deposit. OpenSea Email
The NFTs can be bought or sold if your cryptocurrency is supported 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. OpenSea Email
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The low platform costs are also a great way for you to earn more income.
While it is decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s 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 as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Email
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need 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 do have a support staff that you can contact through its contact forms. Just 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 have to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they change from time to time.