OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at videos instead, check out this channel’s review. They will guide the user through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look over the basics before we go over the costs and what it has to offer.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? OpenSea Zone Definition
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created 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 one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. Today, you can also make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters and even virtual land. A popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. You only have to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller will be the one to pay the price of the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells the auction 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. Then you can sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales 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 be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or deposit. OpenSea Zone Definition
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea Zone Definition
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Zone Definition
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via its contact forms. Just go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change from time to time.
What do I need to know so 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 mobile phone, the browsers must be compatible 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 have a customer support team that you can reach through its contact forms. Just go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they constantly change every now and then.