OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to watch videos instead, take a look at the channel’s review. They will guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look over the basics before we go over the costs and what it can 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’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Funko Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your account. In addition, you don’t have 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 find NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer 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 buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even old technology.
As for NFTs, you can collect avatars, virtual pets, or other characters that can 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 among the most sought-after NFT prior to when NFT came to be. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters and even virtual land. A popular instance could be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and type of auction, 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. The choices are:
Fixed Price
The seller is the one who will be charged the price of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional 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. This means that you can’t use PayPal, credit, and debit card to make payments or deposit. Funko Nft
The NFTs are only able to 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 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 benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Funko Nft
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Funko Nft
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through their contact form. Visit their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post 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 costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through their contact form. Just go to their website, and look 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 an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they fluctuate at regular intervals.
