OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, take a look at the review of this channel. They’ll guide users 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 over what it is before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Are Nfts Bad
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy 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 just limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars and digital pet, and other characters that can 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 well-known NFT since before NFT came to be. Today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected such as animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A popular instance could be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being 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 need to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. They are:
Fixed Price
The seller is the one who will be charged the cost of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s 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 once they agree on a price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold through the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee affordable.
But, it is important to know 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 can be costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Are Nfts Bad
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 benefits and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Are Nfts Bad
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Cons
While it is decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Are Nfts Bad
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Just go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser through your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through their contact form. Visit the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees 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 by the market, therefore they fluctuate every now and then.
