OpenSea is now one of the top platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before 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 of OpenSea.
What is OpenSea? Best Nft Channels
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser 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 are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT prior to when NFT was invented. As of today, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected like animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A well-known instance can 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 considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 need to do is to list them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
Fixed Price
The seller is the one to pay the price that is the NFT. As the name implies it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops over time. When it comes to 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 bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments or make a deposit. Best Nft Channels
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 look at the benefits and disadvantages that come with 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 prior experience or know-how in coding or blockchain. Best Nft Channels
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Cons
While it is decentralized and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Best Nft Channels
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet 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 can be reached via its contact forms. Visit their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know 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 should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Visit their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from 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, so they constantly change from time to time.
