OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea With Matic
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
For NFTs, you can gather avatars, virtual pets or any other characters that could be traded or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. In the present it is possible to create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with 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 and other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. The choices are:
The seller is the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit and debit card to make payments or make a deposit. OpenSea With Matic
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in coding or blockchain. OpenSea With Matic
They also offer several types of digital currency, making it one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it’s decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a 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 buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea With Matic
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via their contact form. Visit the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with 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 get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Just go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they fluctuate from time to time.