OpenSea has become one of the top marketplaces for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch a video instead, you can check out the review of this channel. They’ll walk you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? 2021 Vca Nft
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them 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 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is successful the digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals 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.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or taken home. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT came to be. As of today you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected such as animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual worlds. A popular illustration is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one to charge the cost that is the NFT. As the name implies, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
Bundles
If you want to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional 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. Also, you are not able to use PayPal credit and debit card to make payments or make a deposit. 2021 Vca Nft
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain or coding. 2021 Vca Nft
They also offer several types of digital assets, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ 2021 Vca Nft
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet 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 team you can reach through the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
