OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer the written word, look over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Vs Polygon
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was founded in the year 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 first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the 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 risking their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer 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 of beats, remixes or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. As of today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
You can also collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters, and even virtual land. A popular instance can be 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 considered to be NFT. It is possible to purchase blockchain-based domains 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 easy. All you need to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller is the one to charge the price for the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. 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 the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers receive up to 15% 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or transfer funds. OpenSea Vs Polygon
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. OpenSea Vs Polygon
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
While it is open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency 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 caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Vs Polygon
What do I need to know 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, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via its contact forms. Visit their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need 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 accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through the contact page. Just go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they change from time to time.