OpenSea has grown to become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, check out the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer the written word, look over what it is before we look into its fees and what it can offer.
Before you continue, you may want to check out 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 Wiki
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in 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, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets on the platform are owned by users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music may be one of 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. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or older technology.
For NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. In the present, you can also create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. One popular example is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the price that is the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists also get an additional commission in addition to or 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 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 developers receive as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or deposit. OpenSea Wiki
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Wiki
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Wiki
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Just go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer 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 fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach through the contact page. Just go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, so they fluctuate every now and then.