OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like reading, we’ll go through what it is prior to we look into its fees 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Veefriends
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, 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 created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to 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 create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or old technology.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. As of today you can create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains 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 have to do is post your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price 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 is the one who will be charged the price of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after 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 the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings 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, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between 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 created as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% as commissions on the products 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 crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or deposit. OpenSea Veefriends
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of 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 advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. OpenSea Veefriends
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Veefriends
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via their contact form. Just go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is 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 check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate from time to time.