OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d rather watch videos instead, take a look at 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 the written word, look through what it is prior to we look into its fees 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Waifusion
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music 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 collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars, virtual pets and other characters that can be traded or acquired. The more rare they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. In the present you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR environments and components can now also be bought. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by 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 to list your products on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller will be the one who will be charged the cost for the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments or deposit. OpenSea Waifusion
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. OpenSea Waifusion
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Waifusion
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Just go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your 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 check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees 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 by the market, which means they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Go to their official website and look on the page for “Submit a request.”
Are you able to mint 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. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they change from time to time.