OpenSea is now one of the top platforms for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created 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 quite a long read. If you’d prefer to watch videos instead, take a look at this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Net Worth
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is complete your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even old technology.
For NFTs, you can collect avatars, virtual pets, or other characters that can be sold or collected. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. Today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller is the one who will be charged the cost for the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money through a portion 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 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will only 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 anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as 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. Also, you are not able to use PayPal credit and debit card to make payments or transfer funds. OpenSea Net Worth
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. OpenSea Net Worth
They also offer a range of digital assets, which makes it one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
While it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative 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 broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Net Worth
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet 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 through the contact page. Just go to their website, and search for “Submit a request.”
Do you have the ability to 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. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they constantly change from time to time.