OpenSea is now one of the top markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like the written word, go over what it is 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? A Practical Guide To Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in the year 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 among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an uncentralized 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 will never leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the 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 individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars, digital pets, or any other characters that could be sold or collected. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT since before NFT was invented. Today you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A popular example can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from 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 list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. They are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fluctuate over the course of. 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 submit an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction 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. They can be sold on the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted 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 about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or deposit. A Practical Guide To Nft
The NFTs can be purchased or sold if your cryptocurrency is supported 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 look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. A Practical Guide To Nft
They also provide a variety of digital currency, making it one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Cons
Although it’s open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ A Practical Guide To Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via their contact form. Visit the official site and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so 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. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through the contact page. Go to the official site and search for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.
