OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather watch a video instead, you can check out the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees and what it can offer.
Before you continue, 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.
What is OpenSea? What Is Nft Growing
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not the platform. Since they are an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be traded or acquired. The rarer they are the more value they possess. 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. Today you can do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual lands. A well-known illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller is the one to pay the cost for the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers get 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or transfer funds. What Is Nft Growing
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about coding or blockchain. What Is Nft Growing
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ What Is Nft Growing
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Go to their website, and look for “Submit a request.”
Do you have the ability to earn 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, put them up for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Just go to their official website and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.