OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on, 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 review of this channel. They will guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look through what it is prior to we look into its fees and the benefits it offers.
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 of OpenSea.
What is OpenSea? OpenSea Illuvium
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your account. In addition, you don’t have to create 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 look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The rarer 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 it is possible to do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters and even virtual land. One popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller is the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price drops 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 is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards for payment or make a deposit. OpenSea Illuvium
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. OpenSea Illuvium
They also offer a range of digital assets, making it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Illuvium
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. 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 need be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, which means they fluctuate from time to time.