OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has always been the most popular 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 rather watch videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like the written word, go through what it is prior to we look into its fees 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Withdraw From OpenSea
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, 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 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be traded or collected. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. Today, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the cost of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.
But, it is important to know that certain NFTs have higher transaction charges 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 following the time your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Withdraw From OpenSea
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Withdraw From OpenSea
They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. The low platform costs are also a great method to make more money.
While it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Withdraw From OpenSea
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Just go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through their contact form. Go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.