OpenSea has become one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea has always been 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 an extensive read. If you prefer to take a look at videos instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, go over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? OpenSea Zodiac
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is 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 them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Since they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars, digital pets and other characters that can be traded or acquired. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. In the present it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. 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, such as those of Sorare and BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 post your products on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one to charge the cost of the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent cost affordable.
However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers receive up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or make a deposit. OpenSea Zodiac
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. OpenSea Zodiac
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Although it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Zodiac
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs 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 regular fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
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. The prices are driven by the market, therefore they fluctuate at regular intervals.