OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we examine its costs and what it has to offer.
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? Eastern Standard Time To Nft Standared Time
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
If the transaction is completed the digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to buy. They also offer filters 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 available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars, digital 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 sought-after NFT prior to when NFT came to be. In the present you can create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports
Digital items related to sports can also be collected, like animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. A well-known example can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. 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 to list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. These are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. As the name implies, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller will put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold through the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
> > 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 per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up 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 or debit cards to pay for or make a deposit. Eastern Standard Time To Nft Standared Time
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, which makes 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 coding or blockchain. Eastern Standard Time To Nft Standared Time
They also offer several types of digital assets, making their platform one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Cons
Although it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Eastern Standard Time To Nft Standared Time
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach through its contact forms. Go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they fluctuate every now and then.
