OpenSea has become one of the leading marketplaces for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after 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 looking to invest with NFTs and want to start from a good marketplace can provide the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like the written word, look over the basics before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Maps
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they usually belong. 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 buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or collected. The rarer they are the greater 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. In the present it is possible to create digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual worlds. One popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as 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 easy. All you need to do is post your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller will be 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 determines a price that will fall in the course of. Sellers typically set up very expensive 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 can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or make a deposit. OpenSea Maps
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Maps
They also offer a range of digital assets, making them one of the largest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea Maps
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, so they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Just go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell 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 costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee 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 change from time to time.