OpenSea is now one of the leading markets for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Broccoli Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their 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 established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their browser to find NFTs you’d like to buy. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even older technology.
For NFTs, it is possible to collect avatars, virtual pets, or other characters that can be sold or taken home. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT, even before NFT was invented. As of today you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items are also available, like animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered 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 options for selling?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price 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 five options for selling. These are:
Fixed Price
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access 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 make money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards for payment for or transfer funds. Broccoli Nft
The NFTs can be purchased or traded 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in coding or blockchain. Broccoli Nft
They also offer a range of digital asset, which makes their platform one of the biggest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Cons
Although it’s open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support 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 have also been expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Broccoli Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team can be reached via their contact form. Just go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to make 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. When you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they change every now and then.
