OpenSea has become one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the top 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 a long read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you like the written word, look through what it is prior to we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Uwucrew
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in 2018 in 2018 by 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 which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even the older technologies.
For NFTs, you can collect avatars and digital pet, and other characters that can be sold or collected. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT was invented. In the present, you can also make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from 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 being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. 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 transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee affordable.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will vary 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 charge additional commissions. For example, game developers get 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or transfer funds. OpenSea Uwucrew
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. OpenSea Uwucrew
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it’s open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ OpenSea Uwucrew
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Visit their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Go to their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.