OpenSea is now one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Game Nft Token
OpenSea offers a market that deals in 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 that are available aren’t restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their browser 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 types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or taken home. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT became a reality. As of today it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
There is also the possibility of collecting 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 environments and components are now available for purchase. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known illustration can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller will be the one to charge the cost of the NFT. As the name implies the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as 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 for or make a deposit. Game Nft Token
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets 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 take a look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Game Nft Token
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, 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 Game Nft Token
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through their contact form. Just go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they change from time to time.
