OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform over the years. It has experienced 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 their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Near
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first 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 largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to search for NFTs that 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 around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or collected. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. As of today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual lands. One popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. 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 shut down from 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 to list your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller is the one to pay the price that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment for or deposit. OpenSea Near
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. OpenSea Near
They also offer several types of digital asset, making their platform one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own 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 odd, but that’s the reason it is so appealing to people. OpenSea provides 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.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Near
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through the contact page. Visit their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they constantly change every now and then.