OpenSea has grown to become one of the top 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 have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch a video instead, take a look at the review of this channel. They will guide users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like to read, let’s go over what it is before we look into its fees and what it has to 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Listing
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. 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 operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets or any other characters that could be sold or acquired. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from 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 to list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller will be the one who will be charged the price that is the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell several 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 fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing 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 per cent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or transfer funds. OpenSea Listing
The NFTs are only able to be bought or sold if your cryptocurrency is accepted 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 take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. OpenSea Listing
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Listing
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Just go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through their contact form. Go to the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they fluctuate from time to time.