OpenSea has become one of the leading platforms for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Matic
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, digital pets, and other characters that can be traded or collected. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT was invented. Today, you can also create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters and even virtual land. A well-known illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post your products on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller is the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller is required to put 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 will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards for payment or transfer funds. OpenSea Matic
The NFTs can be bought or sold 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 examine the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. OpenSea Matic
They also offer several types of digital asset, which makes it one of the most popular NFT marketplaces. The low platform fees are also an excellent method to make more money.
While it is decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Matic
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Just go to the official site and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, so they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Visit the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, list 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?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they fluctuate from time to time.