OpenSea is now one of the leading platforms for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer the written word, 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 check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Binance
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 by 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 very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is completed your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars, digital pets, and other characters that can be traded or acquired. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. As of today, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video 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 logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples include 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 from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
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 from five options for selling. These are:
The seller is the one who will be charged the price for the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any 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. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs 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%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need 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, or debit cards for payment or make a deposit. OpenSea Vs Binance
The NFTs can only be purchased or traded if your cryptocurrency is supported 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 when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. OpenSea Vs Binance
They also offer a range of digital assets, making them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been 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 can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Vs Binance
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Visit the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through its contact forms. Just go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.