OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Private Sale
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars and digital pet, or other characters that can be traded or taken home. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. As of today, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. One popular example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 post your products on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
The seller will be the one who will be charged the price that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or make a deposit. OpenSea Private Sale
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea Private Sale
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary 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 the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Private Sale
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via its contact forms. Just go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Visit the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.