OpenSea is now one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, check out the channel’s review. They will guide the user through OpenSea and its functions 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 go over the costs and what it can offer.
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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Open Ocean
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their browser to find NFTs you’d like 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 that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or taken home. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. In the present it is possible to create digital art. 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, such as those of Sorare or BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses, or other items like game elements and 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 with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For 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 who will be charged the price of the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you must 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 sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments or make a deposit. OpenSea Vs Open Ocean
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in coding or blockchain. OpenSea Vs Open Ocean
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
While it is decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater 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 worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Vs Open Ocean
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via the contact page. Visit their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they constantly change every now and then.