OpenSea has become one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular 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 a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is lengthy. If you’d rather take a look at a video instead, check out the review of this channel. They will guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Volume
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users 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 founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, virtual pets or any other characters that could be sold or collected. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT was invented. In the present it is possible to make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual worlds. A popular instance is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller will be the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are 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 percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea Volume
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about blockchain or coding. OpenSea Volume
They also provide a variety of digital currency, which makes it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a 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 crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Volume
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Visit their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via the contact page. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, which means they fluctuate every now and then.