OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has 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 an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? 8 Nfta Metro Schedule
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, 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 these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing 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 create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also offer filters to 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 available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or taken home. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT was invented. Today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items can also be collected such as animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known example could be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names 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 selling options?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. As the name implies it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or make a deposit. 8 Nfta Metro Schedule
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. 8 Nfta Metro Schedule
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Cons
Although it is open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ 8 Nfta Metro Schedule
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via their contact form. Go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through their contact form. Just go to their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is 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 at regular intervals.
