OpenSea has become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, check out the channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like reading, we’ll look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Solana
OpenSea is a marketplace for 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 only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t 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 utilize their website to look for 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 about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. Today it is possible to do the same with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR spaces and elements are now available for purchase. 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 lands. A popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. You only have to make sure your account is linked. 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 from five options for selling. The choices are:
The seller will be the one to charge the price of the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of 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. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 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% fee reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit and debit card to make payments or transfer funds. OpenSea Vs Solana
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to 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 safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Vs Solana
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
While it is open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea Vs Solana
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team can be reached via the contact page. Go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.