OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go through what it is prior to we examine its costs 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Exchange
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. 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, film props, and even the older technologies.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be sold or acquired. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. As of today, you can also do the same with digital artworks. This isn’t just 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.
Digital items related to sports can also be collected, such as animated team logos.
VR environments and components can be purchased. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. 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 your products on OpenSea is easy. All you have to do is list them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller is the one to charge the price of the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards for payment for or deposit. OpenSea Exchange
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they 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 of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. OpenSea Exchange
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. The low platform charges are also a good way for you to make more money.
While it is open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea Exchange
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to 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 via the contact page. Just go to their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Visit their official website and search 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 be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they change at regular intervals.