OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this over 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 celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like the written word, go over what it is before we go over the costs and the benefits it offers.
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 the article for a more comprehensive review.
What is OpenSea? OpenSea Users
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and 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 collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.
For NFTs, you can collect avatars and digital pet, and other characters that can be sold or taken home. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. As of today, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters and even virtual land. A popular instance could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the price of the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops 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 transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers receive up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit and debit card to make payments for or deposit. OpenSea Users
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to 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 is decentralized, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. OpenSea Users
They also provide a variety of digital asset, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
While it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Users
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team can be reached via its contact forms. Go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and 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 to accomplish, but it is also possible to check out their tutorials.
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 has one-time fees and recurring fees. Prices are determined through the marketplace, which means they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Just go to their website, and look on the page for “Submit a request.”
Can you make 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. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.