OpenSea has become one of the top marketplaces for NFTs. It was the first to release such a platform in the past. It’s seen 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 interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you like to read, let’s look over the basics before we look into its fees 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 our article for a more comprehensive review.
What is OpenSea? Www OpenSea
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not 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.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even old technology.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or taken home. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
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, like animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. One popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as 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 on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller is the one to pay the cost of the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. 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 will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included 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 an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend 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 extra commissions. For instance, game designers are paid up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment for or make a deposit. Www OpenSea
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Www OpenSea
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it is decentralized and offers one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. 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 cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Www OpenSea
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via its contact forms. Go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, so they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach through its contact forms. Just go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they change every now and then.