OpenSea has grown to become one of the leading markets for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like the written word, look over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Marketplace
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or old technology.
In the case of NFTs, you can gather avatars, virtual pets, or other characters that can be sold or acquired. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. In the present you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game elements and the VR environment virtual objects, characters and even virtual land. One popular instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names 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 need to do is to list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea Marketplace
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. OpenSea Marketplace
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. Low platform fees are also an excellent method to make more money.
While it is decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Marketplace
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via their contact form. Visit their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to 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 accomplish, but it is also possible to go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, so they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, so they change every now and then.