OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Selling Fees
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete the digital assets will never leave your account. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or acquired. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. As of today, you can also create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut 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 post them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
The seller is the one to pay the cost of the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost affordable.
However, you must be aware that certain NFTs have higher transaction charges 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 standard 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or transfer funds. OpenSea Selling Fees
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Selling Fees
They also offer several types of digital assets, making their platform one of the largest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Selling Fees
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through the contact page. Visit the official site and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.