OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like reading, we’ll look through what it is prior to we examine its costs and what it has to offer.
Before you continue, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Where Is OpenSea Based
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or old technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be traded or acquired. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. In the present, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. The choices are:
The seller will be the one who will be charged the price for the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes 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 reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you are looking to sell several NFTs under 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 impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers get as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments or transfer funds. Where Is OpenSea Based
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of 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 drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Where Is OpenSea Based
They also offer a range of digital assets, which makes it one of the largest NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Where Is OpenSea Based
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through their contact form. Go to their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they change at regular intervals.