OpenSea is now one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is lengthy. If you prefer to watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll 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. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Your Purchase Is Processing
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to find NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer 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 buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be sold or acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. As of today, you can also do the same with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects and even virtual land. One popular illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased 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 easy. All you need to do is to list your products on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or make a deposit. OpenSea Your Purchase Is Processing
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Your Purchase Is Processing
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
While it is open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Your Purchase Is Processing
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they fluctuate 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. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through their contact form. Just go to the official site 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 have to do is create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they change every now and then.