OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first 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 famous personalities have expressed curiosity. As art becomes more 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 top NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like to read, let’s look over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Is OpenSea
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, and even old technology.
For NFTs, you can collect avatars and digital pet, and other characters that can be traded or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. In the present you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. A popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific capabilities. 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 options for selling?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. It’s all you have to do is make sure your account is linked. 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 subjected to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s 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 will put up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or make a deposit. What Is OpenSea
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to 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 when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. What Is OpenSea
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ What Is OpenSea
What are the requirements I must meet before I can use 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 must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Go to their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees 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, so they constantly change from time to time.