OpenSea is now one of the most popular marketplaces 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 becoming more popular because celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s look over what it is before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Onda
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, digital pets and other characters that can be traded or taken home. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. In the present, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports are also available, such as animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains 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 have to do is to list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest 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 through the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or deposit. OpenSea Onda
The NFTs can be purchased or traded if your cryptocurrency is supported 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 examine the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. OpenSea Onda
They also offer a range of digital assets, making their platform one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
Although it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range 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 having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Onda
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change 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. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through their contact form. Just go to the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they constantly change from time to time.