OpenSea has grown to become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch videos instead, check out this channel’s review. They will guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, look over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Gronk Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to look for NFTs you’d like to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be traded or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT prior to when NFT became a reality. In the present you can make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, for example, animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains 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 simple. All you need to do is to list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. These are:
Fixed Price
The seller will be the one who will be charged the price that is the NFT. Like the name suggests, it never changes.
Dutch Auction
In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers get up to 15% commissions on the products 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, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay for or deposit. Gronk Nft
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Gronk Nft
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Cons
While it is open source and has one of the most diverse NFT collections, it has its 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.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Gronk Nft
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via its contact forms. Go to their website, and search 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 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 can also check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they fluctuate at regular intervals.
