OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like the written word, look over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Hang Nft System
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the 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 growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even old technology.
For NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT was invented. As of today, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, like animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things such as game items and the VR environment characters, virtual objects and even virtual land. A well-known illustration can be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be 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 on OpenSea is easy. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
Fixed Price
The seller is the one to pay the cost for the NFT. Just as the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards for payment or transfer funds. Hang Nft System
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can 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 almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Hang Nft System
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Cons
While it is open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Hang Nft System
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via its contact forms. Just go to their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular 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 utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it through your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through its contact forms. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they fluctuate from time to time.
