OpenSea has 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 become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been 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 lengthy. If you prefer to watch videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Selling As Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, virtual pets or other characters that can be traded or acquired. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. In the present you can do the same with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. One popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. 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 your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller is the one who will be charged the cost for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer 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 for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases 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 payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee reasonable.
However, you have to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. 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 be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create 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, and debit card to make payments or transfer funds. Selling As Nft
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains 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 of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about coding or blockchain. Selling As Nft
They also offer a range of digital assets, making them one of the largest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
While it is open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds strange, which is 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 when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Selling As Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via its contact forms. Go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through the contact page. Just go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they change from time to time.