OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, check out the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees 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 review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? E Nft Music
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the 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, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.
For NFTs, you can gather avatars, virtual pets or any other characters that could be traded or collected. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT, even before NFT was invented. In the present it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards, such as those of Sorare or BCCG.
Sports
The digital objects associated with sports are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. A well-known instance is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from 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 easy. All you need to do is post them in 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 and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from five options for selling. These are:
Fixed Price
The seller is the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get 15 percent or more as commissions for the 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. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or make a deposit. E Nft Music
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to 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 examine the advantages and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. E Nft Music
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Cons
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
In the end, 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 E Nft Music
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via the contact page. Visit their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through their contact form. Go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, which means they change from time to time.
