OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to introduce a platform of this kind over 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 famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d rather watch a video instead, check out this channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like reading, we’ll go over the basics 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Yachting
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars and digital pet, and other characters that can be traded or acquired. The rarer they are, the greater 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. In the present it is possible to do the same with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected like animated team logos.
VR environments and components can be purchased. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. One popular illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller is the one to pay the price that is the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you must understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards for payment or make a deposit. OpenSea Yachting
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. OpenSea Yachting
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency 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 expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Yachting
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is 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 fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via the contact page. Visit their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.