OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice 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 videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Kayak
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars, digital pets or any other characters that could be sold or taken home. 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 sought-after NFT since before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual lands. One popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller will be the one to pay the cost for the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have 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 does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards to pay or make a deposit. OpenSea Kayak
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes 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 or coding. OpenSea Kayak
They also provide a variety of digital asset, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Although it is open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Kayak
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team can be reached via the contact page. Go to their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Also, you’ll need 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 contact through its contact forms. Visit the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they change from time to time.