OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to launch a platform like this in the past. 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 an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good 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 the right choice for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather watch videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Listing Gas Fee
OpenSea provides a platform 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 only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or collected. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. Today it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A well-known illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost competitive.
However, you must know that certain NFTs have higher transaction fees 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.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional 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, and debit card to make payments or transfer funds. OpenSea Listing Gas Fee
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that 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, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. OpenSea Listing Gas Fee
They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea Listing Gas Fee
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached 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 to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. 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. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via their contact form. Go to the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they fluctuate from time to time.