OpenSea is now one of the top markets for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is lengthy. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer the written word, go over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Referral Bounty
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can collect avatars and digital pet or any other characters that could be traded or acquired. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. Today you can do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price 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 one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers 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 an amount that is a minimum. This is different from the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit and debit card to make payments or transfer funds. OpenSea Referral Bounty
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to 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 which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain or coding. OpenSea Referral Bounty
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it is decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Referral Bounty
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they change every now and then.