OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer the written word, go over the basics before we go over the costs 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea On1
OpenSea offers a market that deals in non-fungible tokens, also known 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 created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even old technology.
For NFTs, you can collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. In the present, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known example can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller will be the one to pay the price for the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers are paid up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or deposit. OpenSea On1
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. OpenSea On1
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it is decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea On1
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 on your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via its contact forms. Visit the official site and look for “Submit a request.”
Are you able to mint 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. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.
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 with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Just go to their official website and look 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. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.