OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather watch videos instead, check out the review of this channel. They will guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, go over the basics before we go over the costs 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Chives Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. There are filters that can make your search easier.
> > 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 from OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets, or any other characters that could be traded or collected. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT came to be. Today it is possible to do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated team logos.
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. One popular instance can be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains 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 options for selling?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller is the one who will be charged the price for the NFT. As the name implies the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold through the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will vary 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 charge extra commissions. For instance, game designers are paid as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary 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 to pay or deposit. Chives Nft
The NFTs are only able to be purchased or sold if 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Chives Nft
They also offer a range of digital currency, which makes 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 open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Chives Nft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Just go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to earn 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. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they constantly change every now and then.
