OpenSea has become one of the top platforms for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather take a look at a video instead, check out this channel’s review. 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 go over the basics before we examine its costs 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Atari Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can interact 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. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, you can gather avatars, digital pets, or other characters that can be traded or taken home. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT since before NFT was invented. As of today it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A well-known instance can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 easy. All you have to do is post your products on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
Fixed Price
The seller is the one to pay the price for the NFT. Just as the name suggests the price never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers usually set very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to 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 will automatically accept the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, and debit card to make payments or transfer funds. Atari Nft
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Atari Nft
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good method to earn more income.
Cons
While it is decentralized and offers one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Atari Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via its contact forms. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell 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 gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through the contact page. Visit their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they fluctuate every now and then.
