OpenSea has become one of the leading marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you prefer to watch a video instead, you can check out the review of this channel. They will guide you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, look over the basics before we go over the costs and the benefits it offers.
Before you go on, 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 the article for a more comprehensive review.
What is OpenSea? OpenSea Ycombinator
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your account. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or acquired. 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 sought-after NFT since before NFT came to be. In the present you can create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses and other things like game objects and the VR environment virtual objects, characters, or even virtual lands. A well-known example can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from 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 any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. They are:
The seller will be the one to charge the price of the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list 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 bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created 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 it to be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit and debit card to make payments or transfer funds. OpenSea Ycombinator
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they are able to 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 is decentralized, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. OpenSea Ycombinator
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Additionally, it doesn’t charge 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 both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Ycombinator
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Visit the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, therefore they constantly change every now and then.