OpenSea is now one of the leading marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d rather watch videos instead, check out the channel’s review. They’ll walk users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer the written word, look over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch 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.
What is OpenSea? Folded Nft Gully
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even old technology.
For NFTs, you can gather avatars, digital pets or any other characters that could be traded or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT since before NFT came to be. In the present you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Sports
Sports-related digital items can also be collected, such as animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual worlds. A well-known instance is Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. 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 need to do is list them in the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
Fixed Price
The seller will be the one to pay the cost of 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 decrease in time. Sellers usually set very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. 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 will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold through the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost competitive.
However, you have to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend 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 charge additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like 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. That also means you cannot use PayPal credit and debit card to make payments for or deposit. Folded Nft Gully
The NFTs can be bought or sold when your cryptocurrency 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 examine the advantages and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Folded Nft Gully
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Cons
Although it is decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much 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 Folded Nft Gully
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via the contact page. Just go to the official site and look on the page for “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 an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Just go to 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 to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is 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 constantly change at regular intervals.
