OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather take a look at videos instead, check out the review of this channel. They will guide the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer the written word, go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Where Are Nft Found
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now 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 list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they’re an open marketplace, they are equipped with 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 completed the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, virtual pets or other characters that can be traded or acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. As of today you can make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual worlds. A popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be 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 your products on OpenSea is simple. All you need to do is post your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. They are:
The seller will be the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
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 through the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing 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, which makes the OpenSea’s 2.5 percent fee competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay or make a deposit. Where Are Nft Found
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Where Are Nft Found
They also offer several types of digital currency, which makes their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Where Are Nft Found
What do I need so 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 phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Just go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up 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 charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you 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 fully charged to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through its contact forms. Visit 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 need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, so they constantly change at regular intervals.