OpenSea has become one of the top platforms for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather take a look at videos instead, check out the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer the written word, go over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Great Ape Society
OpenSea offers a market for non-fungible tokens, also referred to 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 founded in the year 2018 with the help of 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 not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. In the present you can create digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller is the one to pay the price of the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. OpenSea Great Ape Society
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. OpenSea Great Ape Society
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Great Ape Society
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via their contact form. Just go to their official 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 need make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.