OpenSea has become one of the top markets for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s look over the basics before we look into its fees 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 Weth Or Eth
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st 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 a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars and digital pet or any other characters that could be sold or taken home. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. As of today you can do the same with digital art. 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 from Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual lands. A well-known illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller will be the one to charge the price for the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment for or make a deposit. OpenSea Weth Or Eth
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. OpenSea Weth Or Eth
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
While it is open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Weth Or Eth
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via the contact page. Go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they fluctuate from time to time.
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 mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they fluctuate at regular intervals.