OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to launch a platform like this in the past. It has 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 an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Logo
OpenSea offers a market for 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 that are available aren’t only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept 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 them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. Some even buy 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 such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be sold or acquired. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. Today it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards, such as those of Sorare as well as 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, or other items such as game items, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one who will be charged the cost that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit and debit card to make payments for or transfer funds. OpenSea Logo
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets 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 is decentralized, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Logo
They also offer several types of digital assets, which makes it one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Just 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 can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Logo
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via their contact form. Go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction fees 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 prices are driven by the market, so they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through the contact page. Visit the official site and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they change at regular intervals.