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’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer the written word, look through what it is prior to we go over the costs 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Kong
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or the older technologies.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or taken home. The more rare 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 since before NFT became a reality. Today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses or other things such as game items and the VR environment characters, virtual objects and even virtual land. One popular illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller is the one to charge the price that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very 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 when they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. OpenSea Kong
The NFTs can only be purchased or traded when your cryptocurrency is supported 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 that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. OpenSea Kong
They also offer a range of digital assets, making them one of the largest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service 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 concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Kong
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Visit their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via their contact form. Go to their website, and look on the page 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 an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they constantly change at regular intervals.