OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer the written word, go through what it is prior to we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Gary Vaynerchuk Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. 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 a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. 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 available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music
Music could be among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
As for NFTs, you can gather avatars, digital pets or other characters that can be sold or taken home. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT was invented. In the present, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, like animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by 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 simple. All you need to do is to list your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
Fixed Price
The seller will be the one to pay the price that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the 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 drops over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will 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 vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or transfer funds. Gary Vaynerchuk Nft
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to 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 drawbacks that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Gary Vaynerchuk Nft
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Cons
Although it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, 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 Gary Vaynerchuk Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, 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 begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by 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 through the marketplace, therefore they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through the contact page. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.
