OpenSea is now one of the leading marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s go over what it is before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Reable Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as 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 these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy 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.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or old technology.
As for NFTs, you can collect avatars and digital pet or other characters that can be traded or collected. The more rare they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. As of today you can do the same with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A popular illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller will be the one to pay the cost of the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards for payment or transfer funds. Reable Nft
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in coding or blockchain. Reable Nft
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Although it’s decentralized and offers one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Reable Nft
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via their contact form. Just go to the official site and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at 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. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer 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, which means they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.