OpenSea has become one of the most popular markets for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at the channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Eth Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, 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 established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to the users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to 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 8 categories where they usually belong. Let’s look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
As for NFTs, you can collect avatars and digital pet or any other characters that could be traded or taken home. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT prior to when NFT was invented. As of today it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects as well as the VR environment characters, virtual objects and even virtual land. A popular example could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller is the one to charge the price of the NFT. As the name implies the price never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold on the marketplace.
Bundles
If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost competitive.
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 on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need 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 or debit cards to pay or deposit. Eth 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 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 advantages and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Eth Nft
They also offer several types of digital currency, making it one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
Although it’s decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Eth Nft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create 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, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, so they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Go to their website, and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate every now and then.
