OpenSea has become one of the most popular platforms for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can help you get 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 start our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Killaz
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. 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 operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. As of today it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards, such as those of Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. A popular instance could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. As time passes, the price 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 have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers receive as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or deposit. OpenSea Killaz
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain or coding. OpenSea Killaz
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Killaz
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Go to their website, and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to 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 to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, which means they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they fluctuate at regular intervals.