OpenSea is now one of the leading marketplaces for NFTs. It was the first to launch a platform like this over the years. 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 curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, check out this channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like the written word, go through what it is prior to we examine its costs 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea L2
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is successful, your digital assets will never leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer 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 available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or older technology.
For NFTs, you can collect avatars, virtual 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 one of the most well-known NFT prior to when NFT became a reality. In the present you can do the same with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected like animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased 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 have to do is list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller is the one to charge the price that is the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as 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 use PayPal credit, debit, and debit card to make payments or transfer funds. OpenSea L2
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about blockchain or coding. OpenSea L2
They also provide a variety of digital currency, making it one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea L2
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Visit the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.
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 phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they constantly change every now and then.