OpenSea is now one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you prefer to watch videos instead, check out the review of this channel. They will guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Reddit
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is successful, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, digital pets and other characters that can be sold or taken home. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. Today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. 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 by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one to charge the cost for 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 fall in the course of. Sellers generally set high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token after 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 about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or make a deposit. OpenSea Reddit
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that 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 that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. OpenSea Reddit
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Although it’s open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Reddit
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via their contact form. Visit their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction 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 recurring fees. The prices are driven through the marketplace, therefore they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via their contact form. Just go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, so they change at regular intervals.