OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch a video instead, check out the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Daily Nft Procedures
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to find NFTs you’d like to buy. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an 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 were popular, a few people were investing in collectibles such as baseball cards, movie props, or 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 more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT was invented. As of today, you can also create digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected, for example, animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A popular instance can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased 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 simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
Fixed Price
The seller is the one to pay the cost for the NFT. As the name implies, it never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs under 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 marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards to pay for or transfer funds. Daily Nft Procedures
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets 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 of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Daily Nft Procedures
They also provide a variety of digital asset, making it one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Cons
While it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Daily Nft Procedures
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via the contact page. Visit their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser on 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 staff?
Yes, they have a support staff that you can contact through their contact form. Visit the official site and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they change from time to time.
