OpenSea is now one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to watch videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you jump in with 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 go on, you may want to watch 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 of OpenSea.
What is OpenSea? OpenSea Without Metamask
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, 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 started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
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 aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be traded or collected. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT was invented. In the present it is possible to create digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A well-known illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also 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 selling options?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. These are:
The seller will be the one to charge the cost for the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment or deposit. OpenSea Without Metamask
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can 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 be swindled. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. OpenSea Without Metamask
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Without Metamask
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via their contact form. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Go to their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then 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 look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs 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 in accordance with the current market conditions, which means they change from time to time.