OpenSea is now one of the most popular platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you prefer to watch videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like the written word, look over the basics before we examine its 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Verified Collection
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items 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 acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A popular instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from 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 post them on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller is the one to pay the price for the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a 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 decreases with time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each 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 methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create 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 make a deposit. OpenSea Verified Collection
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they 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 when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. OpenSea Verified Collection
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Although it’s decentralized 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, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service 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 having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Verified Collection
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If 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. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Just go to their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, which means they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. 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 make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.