OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at a video instead, you can check out the channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, look over what it is before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Difference Between Nft And Blockchain
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, 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 the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. 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 more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be traded or collected. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT since before NFT came to be. As of today you can do the same with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, for example, animated logos of teams.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual lands. A well-known illustration is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 easy. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and 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 one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller is the one to charge the price of the NFT. Like the name suggests the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid 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 are looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments for or make a deposit. Difference Between Nft And Blockchain
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Difference Between Nft And Blockchain
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Cons
Although it is decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Difference Between Nft And Blockchain
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via the contact page. Visit their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through the contact page. Visit their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, so they constantly change at regular intervals.
