OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, check out the review of this channel. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Advantages Of Nft System
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve 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 by the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets or other characters that can be sold or taken home. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT, even before NFT was invented. As of today you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports
Digital items related to sports can also be collected, such as animated team logos.
Virtual Worlds
VR space and other elements can be purchased. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters or even virtual worlds. A popular instance could be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 need to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
Fixed Price
The seller will be the one to charge the cost of the NFT. As the name implies it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards for payment for or make a deposit. Advantages Of Nft System
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain or coding. Advantages Of Nft System
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Cons
Although it is decentralized and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Advantages Of Nft System
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via the contact page. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through their contact form. Just go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.
