OpenSea has become one of the top marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Freight
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as 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 collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency 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. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled 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 simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The rarer they are the more value they will possess. 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 it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A popular example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. These are:
The seller will be the one who will be charged the price that is the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued 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 anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or transfer funds. OpenSea Freight
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they can 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 has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Freight
They also offer a range of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Freight
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser 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 filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they constantly change every now and then.