OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from 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 most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we look into its fees 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 review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Zendesk
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even old technology.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be sold or acquired. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. In the present you can create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
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, like animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual lands. A well-known illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to 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 commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get 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 be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments or transfer funds. OpenSea Zendesk
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in coding or blockchain. OpenSea Zendesk
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Zendesk
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via its contact forms. Visit the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have 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 team you can reach via the contact page. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can 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 them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, therefore they fluctuate at regular intervals.