OpenSea is now one of the top marketplaces for NFTs. It was the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to watch a video instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like the written word, look over the basics before we look into its fees and what it can offer.
Before you go on, 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 the article for a more comprehensive review.
What is OpenSea? OpenSea Help
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. As of today you can do the same with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters and even virtual land. A popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller is the one to charge the price of the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers usually set very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the 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 auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers are paid as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay or transfer funds. OpenSea Help
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they are able to 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 that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. OpenSea Help
They also offer a range of digital asset, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to 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 market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Help
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 on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Visit their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they fluctuate from time to time.