OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out the review of this channel. They will guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s go over the basics before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea L2 Beta
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or collected. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT was invented. As of today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the price of the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the 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 decreases over time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional 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 use PayPal, credit, or debit cards for payment or transfer funds. OpenSea L2 Beta
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in coding or blockchain. OpenSea L2 Beta
They also offer a range of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
While it is decentralized and offers one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is 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 the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea L2 Beta
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via their contact form. Go to their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up 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 charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If 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. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability 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 it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.