OpenSea has become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you prefer to watch a video instead, you can check out the review of this channel. They will guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, look over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? OpenSea Royalties
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be sold or collected. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. As of today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. 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. You only have to make sure your wallet is connected. Once you’ve added your 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 gas fee.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the price of the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or deposit. OpenSea Royalties
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in coding or blockchain. OpenSea Royalties
They also offer several types of digital assets, making them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Royalties
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Go to the official site and search for “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 then add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach through their contact form. Just go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they fluctuate every now and then.