OpenSea is now one of the leading marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, check out the channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s look through what it is prior to we examine its costs and what it can offer.
Before you go on, you may want to check out 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.
What is OpenSea? Why Nfts
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete, your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even old technology.
For NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or collected. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. As of today, you can also create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular example can be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller will be the one who will be charged the cost for the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present 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 lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards for payment or transfer funds. Why Nfts
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Why Nfts
They also offer a range of digital currency, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the largest NFT collection, the service still has its 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 sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
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 fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Why Nfts
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via the contact page. Just go to their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs 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 in accordance with the current market conditions, therefore they constantly change from time to time.