OpenSea has become one of the most popular markets for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like the written word, go over the basics before we look into its fees and what it has to 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 the article for a more comprehensive review.
What is OpenSea? OpenSea Offline
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, 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 the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available 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 review of each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, it is possible to collect avatars, digital pets or any other characters that could be traded or taken home. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. In the present, you can also do the same with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. One popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples include 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 anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller will be the one to pay the price of the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards to pay for or make a deposit. OpenSea Offline
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets 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 drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Offline
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Offline
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team can be reached via the contact page. Just go to their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges 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 in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via the contact page. Visit their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate at regular intervals.