OpenSea is now one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Does OpenSea Mean
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by the 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.
That means unless the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even older technology.
In the case of NFTs, it is possible to collect avatars, digital pets, and 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 is always one of the most well-known NFT since before NFT was invented. As of today, you can also do the same with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment characters, virtual objects and even virtual land. A well-known illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be 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 easy. All you need to do is list your products on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one to pay the price of the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once 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 the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers receive up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments or make a deposit. What Does OpenSea Mean
The NFTs are only able to be bought 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 look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. What Does OpenSea Mean
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ What Does OpenSea Mean
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach through the contact page. Go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.