OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSeason 2
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to sell NFTs bought or created 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 that are listed on the platform are owned by users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking 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 possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even older technology.
As for NFTs, you can collect avatars and digital pet, or other characters that can be sold or collected. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. In the present you can do the same with digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual worlds. A popular instance is Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to 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 them in the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. 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 bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit and debit card to make payments for or deposit. OpenSeason 2
The NFTs can be purchased or traded if your cryptocurrency is supported 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 look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain or coding. OpenSeason 2
They also provide a variety of digital currency, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSeason 2
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Go to their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Go to their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s simple and free of gas 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 offers one-time fees as well as regular fees. The price is determined through the marketplace, so they fluctuate every now and then.