OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer the written word, look through what it is prior to we look into its fees and what it can offer.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? Against Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 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 very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or acquired. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT became a reality. Today it is possible to make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, for example, animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular example is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples include 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 by any person. 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 easy. All you have to do is list them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
Fixed Price
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them 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 are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent cost affordable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers are paid up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards to pay for or make a deposit. Against Nft
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that 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 examine the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Against Nft
They also offer a range of digital currency, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Against Nft
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Visit their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, so they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it through 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 start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Visit their official website and search on the page 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 then add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out 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 recurring fees. The price is determined by the market, which means they constantly change at regular intervals.
