OpenSea has grown to become one of the most popular markets for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at a video instead, check out the review of this channel. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer the written word, go over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Why Weth OpenSea
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or older technology.
For NFTs, you can gather avatars, virtual pets and other characters that can be traded or taken home. The rarer they are the more value they be. There are also variants such as 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 create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual worlds. A popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select among five selling options. These are:
The seller will be the one who will be charged the price of the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards to pay or make a deposit. Why Weth OpenSea
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Why Weth OpenSea
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Just 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 can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Why Weth OpenSea
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via the contact page. Go to the official site and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Just go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.