OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll go over what it is before we examine its 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Guide
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, you can collect avatars, digital pets or other characters that can be sold or taken home. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. As of today, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the cost for the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea you 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 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
However, you have to understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or deposit. OpenSea Guide
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. OpenSea Guide
They also offer several types of digital currency, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
While it is decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Guide
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Just go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need 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 simple and free of gas but you could also check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they constantly change every now and then.