OpenSea is now one of the most popular platforms for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is a long read. If you 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 functions so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, 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 Verification
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, digital pets or other characters that can be sold or acquired. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. As of today it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
You can also collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters and even virtual land. A popular example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one to pay the price for the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you have to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid up to 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. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit and debit card to make payments or deposit. OpenSea Verification
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. OpenSea Verification
They also offer a range of digital asset, making it one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Verification
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Go to their official website and search 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 an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, so they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they constantly change every now and then.