OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to launch a platform like this over 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 celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll go over the basics before we examine its 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea No Gas Fee
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or old technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or collected. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT became a reality. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as those of Sorare or BCCG.
Sports-related digital items are also available, such as animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, and even virtual land. A well-known instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the price for the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% cost affordable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or transfer funds. OpenSea No Gas Fee
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains 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 that come with using OpenSea.
OpenSea can be decentralized making 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 coding or blockchain. OpenSea No Gas Fee
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
While it is open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea No Gas Fee
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team can be reached via their contact form. Visit their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.