OpenSea has become one of the leading platforms for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, check out the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Into The Cryptoverse
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or acquired. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT was invented. In the present, you can also make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters and even virtual land. A popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them 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 then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one who will be charged the cost for the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept 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 several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay or deposit. OpenSea Into The Cryptoverse
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets 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 when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Into The Cryptoverse
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as 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 enables its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Into The Cryptoverse
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Visit the official site and search on the page for “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 the item to your collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via the contact page. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they constantly change at regular intervals.