OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to release such a platform in the past. It’s 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 an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, check out the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you prefer reading, we’ll look over what it is before we go over the costs 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Why Is OpenSea So Expensive
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 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 and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete, your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be sold or taken home. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT came to be. In the present, you can also create digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected such as animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. One popular illustration can be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to make sure 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 who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
Fixed Price
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by getting a share 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 fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you must understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies 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 make use of PayPal credit, debit, or debit cards to pay or make a deposit. Why Is OpenSea So Expensive
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Why Is OpenSea So Expensive
They also offer a range of digital assets, making it one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Why Is OpenSea So Expensive
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it with 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 filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through the contact page. Just go to their website, and search 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 them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through the contact page. Visit their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they constantly change from time to time.
