OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, check out the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to watch 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? 0 Nft Asset
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by users, not by the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
This means that 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.
For those who are buyers, you can use their search engine to find NFTs you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or acquired. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT was invented. As of today, you can also make the same thing with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters and even virtual land. A well-known example could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be 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.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one to pay the price for the NFT. Like the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers usually set very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to that of 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 will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee affordable.
However, you must understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, and debit card to make payments or deposit. 0 Nft Asset
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can 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 when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. 0 Nft Asset
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Cons
Although it’s open source and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is 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 decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ 0 Nft Asset
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Go to their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Go to the official site and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, which means they fluctuate from time to time.
