OpenSea is now one of the top markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since 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 looking to invest using NFTs and want to start from an appropriate marketplace can help you get 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 quite a long read. If you prefer to watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll go over what it is before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Review
OpenSea offers a market 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 NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave 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 search for NFTs that you’d like to buy. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, it is possible to collect avatars, digital pets or any other characters that could be traded or acquired. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT since before NFT was invented. Today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
Trading Cards
You can also collect digital trading cards like those from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements can be purchased. You can purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters and even virtual land. A well-known illustration could be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them 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.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one who will be charged the cost for the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
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 convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. OpenSea Review
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea Review
They also offer several types of digital assets, making their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Cons
Although it’s decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea Review
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
Gas fees are 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 regular fees. The price is determined by the market, which means they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Just go to the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they fluctuate at regular intervals.
