OpenSea is now one of the top markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an established marketplace will provide the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, you can check out the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Faq
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted 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 started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. In the present, you can also create digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items and the VR environment characters, virtual objects or even virtual worlds. One popular illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the price that is the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid 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 create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell several 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 charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea You will only need 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, which makes OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit and debit card to make payments or transfer funds. OpenSea Faq
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. OpenSea Faq
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent method to earn more income.
While it is decentralized and offers one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Faq
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Just go to the official site and look for “Submit a request.”
Are you able to 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. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Visit their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they constantly change every now and then.