OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch a video instead, you can check out the channel’s review. They will guide you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Tools
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy 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 with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even older technology.
For NFTs, you can gather avatars, digital pets, or any other characters that could be traded or collected. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today, you can also create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller will be the one to charge the price for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. 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 lists the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT exchanges 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. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards for payment or transfer funds. OpenSea Tools
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported 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 take a look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. OpenSea Tools
They also provide a variety of digital assets, making their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
While it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Tools
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Just go to their official website and look at “Submit a request.”
Do you have the ability to 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. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need 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 you can reach via their contact form. Just go to their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges from 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 through the marketplace, which means they constantly change every now and then.