OpenSea has become one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer reading, we’ll look through what it is prior to we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Verify
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or acquired. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. As of today you can create digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select among five selling options. These are:
The seller is the one to charge the price for the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like 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. Also, you are not able to use PayPal credit, debit, or debit cards for payment or transfer funds. OpenSea Verify
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets 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 is decentralized, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. OpenSea Verify
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Verify
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them 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 costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Visit their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they change every now and then.