OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced 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 their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Founder
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or acquired. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT became a reality. Today, you can also make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects and even virtual land. A popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. 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 in the marketplace. It’s all you have to do is ensure your account is linked. 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.
At present, you can select from 5 selling options. They are:
The seller is the one to pay the cost of the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you must know that certain NFTs have higher transaction charges 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 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency 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, or debit cards for payment or deposit. OpenSea Founder
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. OpenSea Founder
They also offer several types of digital currency, making them one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Although it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Founder
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Visit the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, therefore they constantly change from time to time.