OpenSea is now one of the top platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to watch videos instead, check out this channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Gutter Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
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, you can gather avatars, virtual pets, and other characters that can be sold or taken home. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT since before NFT was invented. Today you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Sports
Digital items related to sports can also be collected such as animated team logos.
Virtual Worlds
VR environments and components can be purchased. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. A popular instance could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. It is possible to purchase blockchain-based domains 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 options for selling?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. The choices are:
Fixed Price
The seller is the one to pay the cost that is the NFT. As the name implies it is not subject to change.
Dutch Auction
In 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 will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they have agreed on a price.
English Auction
The seller puts up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you can 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’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay for or transfer funds. Gutter Nft
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Gutter Nft
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Cons
Although it’s decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Gutter Nft
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to their website, and search for “Submit a request.”
Can you 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. 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 go through their tutorials.
What are gas fees?
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 has one-time fees and recurring fees. Prices are determined by the market, therefore they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. 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. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via 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 make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they constantly change from time to time.
