OpenSea has grown to become one of the top markets for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll go through what it is prior to we go over the costs 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Gas
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. Today you can do the same with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being 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 them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the price for 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 decrease over the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token once 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.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional 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. That also means you cannot make use of PayPal, credit, or debit cards to pay or deposit. OpenSea Gas
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. OpenSea Gas
They also offer a range of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency 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 caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Gas
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Go to their official website and look at “Submit a request.”
Do you have the ability 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, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Just go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges 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 regular fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.