OpenSea has become one of the top marketplaces for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, check out this channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look over what it is before we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Uniswap
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which 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 just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. As of today, you can also create digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the cost for the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases with time. 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 when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries make money through a portion 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 costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers are paid as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create 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, debit, or debit cards for payment for or deposit. OpenSea Vs Uniswap
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about blockchain or coding. OpenSea Vs Uniswap
They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Vs Uniswap
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Go to their website, and look at “Submit a request.”
Do you have the ability 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 sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction 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. The price is determined by the market, therefore they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Just go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges 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. The price is determined by the market, so they fluctuate every now and then.