OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an established marketplace will provide 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 start our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like the written word, look over the basics 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? Bootleg Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Since they are an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even old technology.
For NFTs, you can collect avatars, digital pets and other characters that can be traded or collected. The more rare they are, the more 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 became a reality. As of today, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. 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 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 now also be bought. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular instance could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. 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 ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller is the one to pay the cost of the NFT. Just as the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment 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 several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
However, you have to understand that some 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 imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers receive as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or transfer funds. Bootleg Nft
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of 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 look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Bootleg Nft
They also offer several types of digital assets, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Cons
Although it’s decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of 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 from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage 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 Bootleg Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Just go to the official site and look on the page for “Submit a request.”
Can you make 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. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through the contact page. Visit their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they change at regular intervals.
