OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide 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 our review, we’d like warn you. This review is a long read. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Youtube
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st 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 which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does 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 platform are owned by users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT prior to when NFT came to be. As of today it is possible to do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected, for example, animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A well-known example can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
Fixed Price
The seller is the one to pay the cost that is the NFT. As the name implies, it never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost competitive.
However, you must know that certain NFTs charge higher transaction costs 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%.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers are paid up to 15% as commissions on the products 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 own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or deposit. OpenSea Youtube
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. OpenSea Youtube
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Cons
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea Youtube
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via its contact forms. Just go to their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Additionally, you should have 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 through the contact page. Just go to their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.
