OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you prefer to watch a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer the written word, go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Does Nft Include Copyright
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be traded or taken home. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT prior to when NFT was invented. In the present, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards like those of Sorare and BCCG.
Sports
Digital items related to sports are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters and even virtual land. One popular illustration could be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller will be the one to pay the price for the NFT. Just as the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and lists 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 bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create 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, and debit card to make payments or transfer funds. Does Nft Include Copyright
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Does Nft Include Copyright
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Does Nft Include Copyright
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. You also need to 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 customer support team you can contact through the contact page. Go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via its contact forms. Visit the official site and look on the page for “Submit a request.”
Are you able to mint 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 them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
