OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll go over what it is before we go over the 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Zora
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase 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 just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or taken home. The more rare they are, the more value they have. There are also variants such as 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 create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. A well-known example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller is the one to pay the price that is the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction 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 within one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use 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. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. OpenSea Vs Zora
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 are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Vs Zora
They also offer several types of digital currency, making them one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Vs Zora
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it on 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 topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through the contact page. Just go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
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 regular fees. Prices are determined through the marketplace, so they change at regular intervals.