OpenSea is now one of the most popular markets for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right 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 videos instead, check out this channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? When Will OpenSea Go Public
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 available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was founded 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 one of the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or collected. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. As of today you can make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual lands. One popular instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller will be the one who will be charged the price that is the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or deposit. When Will OpenSea Go Public
The NFTs can be purchased or sold only if the cryptocurrency you’re using 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain or coding. When Will OpenSea Go Public
They also offer several types of digital assets, which makes them one of the largest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ When Will OpenSea Go Public
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users 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 topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via their contact form. Just go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to 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 periodic fees. The prices are driven by the market, therefore they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, therefore they constantly change at regular intervals.