OpenSea has become one of the most popular marketplaces 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 are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d rather take a look at a video instead, you can check out the review of this channel. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll go through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Listing Fee
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest 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.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, digital pets, or any other characters that could be traded or collected. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. As of today it is possible to create digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, and even virtual land. One popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. All you need to do is 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, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. These are:
The seller is the one who will be charged the cost that is the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
However, you must understand that some 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 imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments for or deposit. OpenSea Listing Fee
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. OpenSea Listing Fee
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing 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 as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Listing Fee
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once 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?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, which means they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Just go to their official 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 to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, which means they constantly change from time to time.