OpenSea has become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like 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 will guide the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Tokens
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be traded or taken home. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. As of today, you can also make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller is the one to pay the cost for the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. 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 an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers get as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, 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 make a deposit. OpenSea Tokens
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets 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 is decentralized, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. OpenSea Tokens
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Tokens
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via its contact forms. Visit their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. Once 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?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and 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 check out their tutorials.
What are gas fees?
Gas fees are transaction charges from 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, therefore they constantly change every now and then.