OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to take a look at videos instead, check out the channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like the written word, go over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to check out 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.
What is OpenSea? OpenSea Website
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even older technology.
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 since before NFT was invented. As of today it is possible to do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items are also available, such as animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller is the one to charge the price that is the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set 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 once they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or transfer funds. OpenSea Website
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported 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 disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about coding or blockchain. OpenSea Website
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is decentralized and offers one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Website
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying 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 filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through their contact form. Just go to the official site and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. 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 costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so 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 that you can use. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team you can reach through their contact form. Visit their website, and search at “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 then add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they change from time to time.