OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Vertical Nft Style System
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by 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 and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s look at 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 offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars and digital pet or other characters that can be sold or taken home. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT came to be. Today you can do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A popular instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names 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 list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the price that is the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may 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 an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access 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. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you must know 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 sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as 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 or debit cards for payment or make a deposit. Vertical Nft Style System
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in coding or blockchain. Vertical Nft Style System
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Vertical Nft Style System
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Just go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via its contact forms. Visit their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring 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, so they fluctuate every now and then.