OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from 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 right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Loot
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, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music could be 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 is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or old technology.
For NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT came to be. Today it is possible to create digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being 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. You only have to make sure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller will be the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is 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 a minimum price. It’s opposite to the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to 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 or deposit. OpenSea Loot
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they 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 that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. OpenSea Loot
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it is decentralized and has one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few 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 be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Loot
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. Visit their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through its contact forms. Just go to their official website 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 then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.