OpenSea is now one of the leading platforms for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Number Of Users
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post 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 to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or collected. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. Today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. A popular example can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. 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. You only have to ensure that your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay for or make a deposit. OpenSea Number Of Users
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted 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 that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. OpenSea Number Of Users
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it is decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Number Of Users
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes, they have a support team can be reached via their contact form. Visit their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they fluctuate every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Visit their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they constantly change at regular intervals.