OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look over what it is before we look into its fees and what it can 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’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Deep Flow Technique Vs Nft
OpenSea is a marketplace 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 restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by 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 very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available 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 examine each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be sold or collected. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT came to be. As of today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
Trading Cards
You can also collect digital trading cards, such as those from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, for example, animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
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 that your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
Fixed Price
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or deposit. Deep Flow Technique Vs Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they can 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 has no centralization, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. Deep Flow Technique Vs Nft
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Cons
Although it is open source and has one of the most diverse 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 with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Deep Flow Technique Vs Nft
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
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 recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as 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 topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they change at regular intervals.
